Seven EU Leaders Urge Seizing Russian Assets for Ukraine, Defying Moscow’s Warning

Western governments escalate economic warfare against Russia while Belgium and Global South nations warn of legal, financial, and geopolitical fallout.

Europe, PUREWILAYAH.COM — Seven EU member states have called on Brussels to fast-track plans to seize frozen Russian sovereign assets and redirect them to Ukraine, intensifying a Western economic offensive that Moscow says threatens the stability of the entire global financial system.

In a joint letter to European Council President António Costa and European Commission President Ursula von der Leyen, the leaders of Estonia, Finland, Ireland, Latvia, Lithuania, Poland, and Sweden insisted that financing Kiev remains both a “moral obligation” and a “strategic necessity.”

“Supporting Ukraine in their fight for freedom and independence is not only a moral obligation, it is also in our own self-interest,” the leaders wrote, urging the EU to quickly adopt Commission proposals to use cash balances from Russia’s immobilized sovereign assets to provide what Brussels calls a “reparations loan” for Ukraine.

The push comes as EU and NATO leaders align increasingly with Washington’s agenda to prolong the conflict rather than pursue diplomatic settlement, despite growing economic strain across Europe.

Moscow Warns of Global Financial Turmoil, Says Asset Seizure Violates International Law

Russia’s Foreign Ministry issued a strong warning that Western efforts to seize sovereign Russian reserves represent a direct assault on international financial norms and pose severe risks to all countries holding assets in Western-controlled jurisdictions.

“Attempts to expropriate the sovereign assets of central banks create risks for all states that have funds in Western jurisdictions,” the Ministry said following a UN General Assembly meeting marking the International Day Against Unilateral Coercive Measures.

Moscow stressed that such actions:

• undermine the foundations of international law

• set a “dangerous precedent” for global finance

• threaten countries across the Global South

• expose the West’s use of financial systems as geopolitical weapons

The Foreign Ministry reiterated that Russia will continue coordinating with the “global majority” to resist what it views as illegitimate and coercive Western measures.

Russia’s Frozen Reserves in Europe: A Legal and Political Minefield

Since the start of Moscow’s military operation in Ukraine in 2022, the EU and G7 froze nearly €300 billion of Russian foreign currency reserves. An estimated €200 billion is held in European institutions—mostly at Belgium-based clearinghouse Euroclear—placing Belgium at the center of any legal clash with Russia.

The Kremlin has consistently argued that any move to seize these funds constitutes theft, warning that such actions would trigger immediate retaliation and long-term damage to Western financial credibility.

Belgium, the country with the most at stake, recently rejected a new EU proposal to use frozen Russian central bank assets as collateral for large-scale loans to Ukraine. The rebuke came just hours before the European Commission was expected to unveil legislation authorizing up to €210 billion in expropriated Russian reserves for Ukrainian financing.

Belgium Breaks with Brussels, Warns of Legal and Financial Disaster

Belgian Foreign Minister Maxime Prevost stated the proposal “does not address our concerns in a satisfactory manner,” warning that Belgium would face extreme legal exposure as the host of the bulk of Russia’s frozen funds.

Belgium’s concerns include:

• High probability of lawsuits from Russia

• Potential responsibility to compensate Moscow if courts rule against the EU

• Lack of guarantees that other EU states will share the liability

• Long-term damage to the EU’s reputation as a safe financial jurisdiction

Belgium argues that taxing profits from frozen assets may be legally permissible, but seizing the assets themselves or using them to underwrite loans crosses into legally indefensible territory.

A Western Gamble with Global Consequences

The push to confiscate Russian sovereign wealth signals a new phase in Western economic warfare—one that ignores mounting internal dissent and the growing skepticism of non-Western nations.

For many analysts, the EU’s willingness to weaponize financial institutions reveals deepening subservience to Washington’s geopolitical strategy, even at the cost of unprecedented financial risk.

Russia has warned that if the EU proceeds:

• retaliation will be swift

• global trust in Western banking systems will erode

• countries across Asia, Africa, and Latin America may move reserves out of Western jurisdictions

The stakes now extend far beyond Ukraine, threatening to reshape the global economic order as Europe pushes ahead with a plan that could destabilize its own financial foundations.

(PW)