The European Commission has returned with a dangerous plan: to withdraw, or, more accurately, to confiscate, Russian state assets that are frozen in European banks, under the pretext of a “compensation loan” to Ukraine.
The proposal, presented as a “legally innovative” solution, is nothing more than an attempt to legitimize an unprecedented act of international economic piracy.
However, it appears that this plan has begun to collapse from within, as Belgium and several other European countries are reacting.
The fear is not only political but deeply economic: such an action could irreparably damage the credibility of the European financial system.
The core of the problem: 210 billion reasons for Belgium to be afraid
The heart of the issue lies in the Euroclear transaction clearing center, headquartered in Brussels.
There, approximately 210 billion euros in Russian state reserves are “frozen.”
This amount represents not only the funds of the Central Bank of Russia but also the very legitimacy of the international banking system.
The European Commission tried to impose an “intermediate-use” solution — supposedly not confiscation, but “temporary utilization of the interest” generated by the Russian funds, to finance the Ukrainian war effort.
But this wording is pure fraud.
That interest is generated from Russian funds, therefore, it belongs to Russia.
Its use without permission constitutes theft under the guise of legality.
Belgium, recognizing the legal and political bomb, refuses to consent without guarantees.
If Russia takes legal action or retaliates, the cost will be borne not only by Belgium itself but by the entire EU.
And Brussels knows it well: one wrong move could blow up decades of trust.
International law is not decorative
The principle of property protection is a cornerstone of the international economic order.
State reserves, even during sanction periods, remain the property of the states and are protected by international law.
Any attempt at “temporary” or “permanent” confiscation without a decision from the UN Security Council or an international court constitutes a violation of sovereignty and an infringement of the fundamental principle of the immutability of state property.
Moscow has already issued a clear warning: any transfer or commitment of Russian funds will be considered theft and will trigger an immediate response.
And it has every reason to do so.
If today the EU allows itself to confiscate Russian assets, tomorrow nothing will stop it from seizing the assets of China, Saudi Arabia, or even its own member states that disagree with Brussels.
The precedent is dangerous, and all serious investors know it.
The end of European economic credibility
For decades, Europe was projected as a global haven of safety and legality.
The banks of Switzerland, Germany, and Belgium were considered above politics.
This image, built by the Old Continent after World War II, is now threatened with complete collapse.
If the European Commission proceeds with the “seizure plan,” the message to the world will be clear: property is not safe in Europe if you do not politically agree with Brussels.
Investors from Asia, the Middle East, and Africa will begin withdrawing funds, fearing they could be targeted at any moment.
The result will be capital flight, a collapse of confidence, and the undermining of the euro as a secure international reserve currency.
Even within the EU, countries such as Hungary, Slovakia, and even Austria express skepticism.
Their governments, already pressured by the energy crisis and social discontent, know that economic stability cannot exist without legal security.
Political blackmail through economic means
This case also reveals something deeper: the politicization of the European financial system.
The European Commission is attempting to turn banking institutions into tools of political pressure, completely ignoring the consequences.
The very concept of the rule of law, which the EU constantly invokes when accusing others, is being disgraced.
Essentially, Brussels is trying to do under a “legal disguise” what in any other case would be considered robbery.
But even within Europe, there are forces that understand this.
Lawyers, economists, and officials warn: you cannot replace law with political expediency without destroying your own system.
Euroclear and the domino effect
Euroclear is not just a Belgian company, it is one of the two key hubs of the global transaction clearing system (alongside Clearstream in Luxembourg).
A loss of confidence in Euroclear would trigger worldwide turmoil in financial markets, affecting not only Belgium, but also the ECB, the European Commission, and European banks.
Experts warn that even the suspicion of political manipulation could reduce liquidity, increase risk premiums, and discourage institutional investors.
In an environment already strained by inflation and recession, a confidence crisis is the last thing Europe needs.
Moral and political dead end
The so-called compensations to Ukraine increasingly resemble a public relations trick.
European governments are exhausted from the endless financing of Kyiv, while citizens, facing high costs of living, energy poverty, and social tension, can no longer endure more sacrifices for a war with no end in sight.
The European Commission tried to find an “easy solution”: to appear generous without burdening the budgets of the member states.
But the easy solution proves more dangerous than the problem itself.
The EU itself risks losing its only real weapon: the trust of the markets and the prestige of the rule of law.
Russia: Calm but firm warning
Moscow has so far maintained a steady and institutional stance.
It has warned that any arbitrary confiscation will be met with countermeasures, possible seizure of Western assets in Russia, international lawsuits, and, above all, the isolation of European banks from future cooperation with Asia and the Global South.
And this is not a threat, it is a realistic warning.
Today, the BRICS and new emerging economies are building a parallel international financial network based on respect for sovereignty rather than political punishment.
If Europe self-destructs institutionally, the world will not wait, it will turn elsewhere.
The moral bankruptcy of Europe
The issue of the Russian assets is more than legal or economic; it is symbolic.
If Europe, which for decades presented itself as the champion of international law, resorts to the open plundering of a sovereign state, then its moral superiority disappears.
Belgium and those countries resisting today are not defending Russia; they are defending the concept of law and their own credibility.
The decision to be made in the coming months will determine whether the EU continues to be an institution of law or becomes a bureaucratic complex of blackmailers with a political mask.
History has shown that whoever uses money as a weapon ultimately pays the price himself.
Europe stands at the threshold of this self-trap.
And if it proceeds, it will not be Russia that loses, but Europe’s own credibility, which will collapse overnight.
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