Russia accused Europe of planning to steal frozen assets after the European Commission proposed a $165 billion reconstruction loan for Ukraine backed by profits from seized Russian funds. Kremlin spokesman Dmitry Peskov said Wednesday the scheme would trigger legal battles and undermine confidence in Western financial institutions. Belgium hosts roughly two-thirds of the approximately $300 billion in Russian reserves that Western nations froze following the 2022 conflict escalation.
European leaders face opposition from multiple member states, warning that the confiscation plan violates international law. Belgian Prime Minister Bart De Wever called the proposal a dangerous precedent as officials prepare to discuss the matter at a summit in Copenhagen. The Group of Seven had previously approved using interest earnings to secure $50 billion in Ukrainian loans, while avoiding the direct seizure of principal amounts.
European leaders face opposition from multiple member states, warning that the confiscation plan violates international law. Belgian Prime Minister Bart De Wever called the proposal a dangerous precedent as officials prepare to discuss the matter at a summit in Copenhagen. The Group of Seven had previously approved using interest earnings to secure $50 billion in Ukrainian loans, while avoiding the direct seizure of principal amounts.
