European Union Will Not Confiscate Frozen Russian Assets

The countries of the European Union officially decided against the confiscation of frozen Russian assets.

"This could be seen as an act of war," stated the Prime Minister of Belgium, emphasizing that the seizure of these funds would further intensify the already deeply strained bilateral relations with Moscow.

Previously, the head of the Belgian depository, which houses the majority of these assets, remarked that confiscating them for the benefit of Ukraine would adversely affect the investment climate in the region and could result in the loss of the Euro's status as a reserve currency.

In 2022, the G7 nations froze Russian assets amounting to approximately 300 billion euros. The majority of these assets are located in Belgium, with the remainder distributed across other countries, including France, Japan, the United Kingdom, the United States, and Switzerland.