Confiscating Russian assets would be 'act of war': Belgian PM
"You cannot just take somebody's money... Europe is not at war with Russia," says Bart De Wever.
Belgian Prime Minister Bart De Wever warned on Thursday that directly confiscating Russian assets would constitute an act of war and have serious consequences for Europe's financial system.
Speaking on the sidelines of the World Economic Forum in Davos, Switzerland, during the Ukrainian Breakfast 2026, De Wever emphasised that Europe was not at war with Russia and that unilateral seizure of assets would be unprecedented.
"You cannot just take somebody's money. We're not at war with Russia. Europe is not at war with Russia. You cannot simply confiscate money. That is an act of war. Shouldn't underestimate it — it has never happened in history," De Wever said.
He highlighted that Europe had instead chosen to immobilise Russian Central Bank assets, most of which were held in Belgium through Euroclear, for an indefinite period.
"Immobilised money, even during the Second World War, was never confiscated. (It) would be the very first time that would happen in history, and that would have grave consequences for Europe, for the belief and the trust in the financial system for the Eurozone," he added.
He noted the complexities of European decision-making, warning that taking Russian assets outright could backfire if European countries later decide to lift sanctions, potentially forcing Europe to repay seized funds.
'We have to respect international law'
However, De Wever acknowledged Europe's responsibility in financing Ukraine, noting that the bloc has committed €90 billion ($105 billion) for this year and the next.
"The financing of Ukraine is there, and the assets will be immobilised until the end of the war, which means that, as it always went in history, when there will be a peace deal, the assets will be on the table.
"And let me be very clear about that at that moment… every penny of that money will be used for the repayment and the reconstruction of Ukraine," he said.
He added: "I would be very sad to see one euro return to Moscow, but we have to respect international law. It will happen at that moment, and between that moment and now, Europe will finance the war in Ukraine as we should."
Around €210 billion ($246 billion) in Russian assets remain frozen within the EU.
The EU had proposed using proceeds from those assets to support Ukraine, though most are held by the Belgian financial services company Euroclear, and Belgium had repeatedly raised legal and financial concerns over the plan.