Belgium is home to Euroclear, a financial market infrastructure group that holds the majority of frozen Russian assets in the EU.
The lower house of Russia’s Parliament said that the EU proposal contravened the organization’s own laws, as “Article 17 of the Charter of Fundamental Rights of the European Union prohibits the deprivation of property except upon payment of fair compensation.”
As the EU has no plans to compensate those whose assets it intended to seize, the Duma said, the plan was “effectively an illegal seizure of property” and could be “regarded as outright theft.”
“Any attacks on Russian assets must be met with an appropriate legal response, beginning with claims for damages—with a demand for the seizure of assets as a security measure—against Euroclear and Belgium, where the bulk of the illegally frozen sovereign funds are held, in any jurisdiction,” the resolution reads.
“Assets of non-residents from unfriendly states may also be used as a source of compensation.”
Moiseev said Europe had so far avoided outright confiscation of the frozen assets and that Moscow would do likewise unless the situation changes.
“We are not confiscating anything yet,“ he said. ”The Europeans haven’t called for confiscation, so we won’t confiscate anything until they do. If they do end up confiscating, then we will consider it.”
Russian assets worth up to $250 billion have been frozen in the EU since the United States and its allies banned transactions with Moscow’s central bank and Ministry of Finance after Russia invaded Ukraine in February 2022.
Discussions within the EU are underway to find a way to use the frozen assets to further finance Kyiv’s defense and the country’s reconstruction without directly confiscating them, because of legal constraints.
Although many within the bloc have thrown support behind the idea, others, including Luxembourg, Belgium, and Hungary, as well as organizations such as the European Central Bank, have voiced concerns.
Until now, the EU has taken only interest generated from the immobilized Russian assets.
“That loan would only be repaid once Russia has compensated Ukraine for the damage it has caused during this war. Until then, the Russian assets will remain frozen, as decided by the European Council,” he said.
He went on to say that the assistance “will require budgetary guarantees from member states” initially but that a collateralized EU guarantee should replace those bilateral guarantees once the bloc’s next Multiannual Financial Framework is in place in 2028.
