A king’s move is needed: will Philip I help confiscate Russian assets?
6 March 2025 09:45
62 European deputies have signed an open letter to King Philippe of Belgium calling for support for the confiscation of frozen Russian assets worth 250 billion euros and their transfer to Ukraine. The corresponding tweet was published in X by MEP from Latvia Rihards Kols, "Komersant Ukrainian" reports
The signatories include members of national parliaments of EU member states and the European Parliament. Geographically, they represent a wide range of European countries: the Baltic States, Poland, the Czech Republic, France, Germany, Finland, Sweden, Denmark, and Croatia. The signatories also include several MPs from Hungary, a Slovakian MP, and several representatives of Ukraine.
The letter emphasizes the special role of Belgium, as it is in this country that most of the frozen assets of Russia, a state that is waging a war of aggression in Europe, systematically violating international law and committing war crimes, are kept.
“There are both legal grounds and a moral imperative for such actions. International law recognizes the right of states to confiscate the aggressor’s assets to compensate victims and finance reconstruction. There are precedents for this,”
– the letter says.
The authors of the letter argue that the decision to confiscate assets will be a test of European resolve. In their opinion, Belgium has the opportunity to set an example and demonstrate that European values are not just words, but principles that have real consequences.
Another important factor is that support for sanctions against Russia is becoming increasingly uncertain due to the position of some EU countries. The next decision on the extension of sanctions is due in June, and its outcome is not guaranteed.
The letter says that Europe is at a dangerous crossroads, and both partners and adversaries are watching closely for any signs of weakness in European unity. The consequences of this will be felt not only in matters related to Ukraine.
The deputies call on King Philippe to publicly support “the immediate legal confiscation and transfer of Russian assets to Ukraine” and to encourage the Belgian government to take a leadership role in this matter at both the national and European levels. According to the signatories, Belgium has a chance to become the leader Europe needs in these uncertain times by turning frozen assets into a tangible source of support for Ukraine’s defense and reconstruction.
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Russian money abroad
About €260 billion of the Central Bank of Russia’s assets have been frozen in the form of securities and cash in the jurisdictions of the G7, the EU and Australia, with more than two-thirds of them frozen in the EU. belgium controls €190 billion of assets in euros, the United States controls assets worth between $40 and $60 billion, and the United Kingdom controls about £25 billion.
Currently, the income from these assets is used to cover loans to Ukraine, but the funds themselves remain untouched.
As for the funds of private individuals, the American think tank Atlantic Council claimed at the beginning of the full-scale war that Russians had about $1 trillion of “dark money” abroad. According to a 2020 report, a quarter of this amount is controlled by Putin and his oligarchs. This money is generally untouchable for Ukraine’s Western partners.
How can the King of Belgium help?
Belgium is a constitutional monarchy. As the head of state in a constitutional monarchy, King Philippe I has no executive powers and does not make decisions on economic or foreign policy. However, his role is not purely ceremonial. In the history of Belgium, the king has repeatedly served as a moral authority and could influence social and political processes through public statements, diplomacy, and informal consultations with the government.
In this case, MPs do not address him as a person with real legislative or executive power, but as a symbolic figure who can support an initiative at the political level. His public statement or diplomatic signal could push the Belgian government to more actively consider the issue of confiscation of Russian assets. Also, his position could influence public opinion in Belgium and other EU countries, which is important because this issue is legally complex and requires broad political support.
In addition, the King has influence in international diplomatic circles and can facilitate discussion of this issue at the European level. Belgium is a key player in this process, as it is the country with the largest share of the frozen assets of the Russian Federation. If the king expresses support for the initiative, it could be an additional argument for the government, which is still acting within the framework of existing sanctions but is not taking steps to fully confiscate assets.
