Frozen Russian Assets: A Collective Western Strategy

Belgian Foreign Minister Maxime Prevot urges Western governments to legally commit to keeping Russian central bank assets frozen. There is concern that if Hungary opposes EU sanctions, €210 billion could return to Moscow, affecting funding for Ukraine. Prevot seeks international collaboration to manage the risk.

In a call for action, Belgium's Foreign Minister Maxime Prevot urged Western governments to make legal commitments for maintaining the freeze on Russian central bank assets. Prevot emphasized this during a meeting in Warsaw, stressing the potential fallout if Hungary, known for its Russian-friendly stance, disrupts the EU's cohesive approach.

The main worry among officials is the possible unfreezing of approximately €210 billion in Russian assets if EU sanctions lapse. This could jeopardize Western plans to divert profit from these assets to aid Ukraine. Prevot argued for a robust international framework to address this risk.

Despite some EU nations expressing willingness to seize Russian assets, concerns remain about the legal and systemic financial implications. The prospect of confiscation raises alarms about possible legal challenges and its impact on the euro's standing as a reserve currency.

(With inputs from agencies.)