Moscow is signaling a hardening of its stance against the European Union as Brussels considers leveraging roughly $217 billion in frozen Russian assets to support Ukraine’s defense. The Russian State Duma voted tuesday to authorize legal action against Belgium and Euroclear, the Belgian-based securities settlement system holding a ample portion of those funds, should the EU move forward with its plan. This resolution marks a important escalation in the dispute and threatens potential legal battles and retaliatory asset seizures.
2025年7月22日、モスクワ中心部にあるロシア下院の全景。REUTERS/Yulia Morozova
MOSCOW, July 20 – Russia’s State Duma, the lower house of parliament, voted on July 20 to authorize legal action against Belgium and Euroclear, the Belgian-based securities settlement system, should the European Union move to seize Russian state assets frozen within the EU. The move comes as the EU considers utilizing those assets to aid Ukraine.
The European Commission has proposed a plan to leverage approximately €210 billion (about $217 billion USD) of frozen Russian government assets held within the EU, with up to €185 billion earmarked for loans to Ukraine.
According to the resolution passed by the Duma, any attempt by EU member states to utilize Russian assets would be considered “de facto illegal confiscation, and can be regarded as outright theft.” The resolution states that “any encroachment on Russian assets must be met with appropriate legal response in any jurisdiction where the majority of the illegally frozen sovereign funds are located, including demands for asset seizure as collateral.”
The Duma also asserted that assets belonging to “unfriendly” non-residents could be used as compensation.
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The Russian parliament’s move escalates tensions with the EU as discussions continue regarding the potential use of frozen assets to support Ukraine. The resolution signals Moscow’s willingness to pursue legal avenues to protect its financial interests abroad.
The Duma’s decision authorizes the government to seek compensation from Belgium and Euroclear, where a significant portion of the frozen Russian funds are held. This could involve legal challenges and potential asset seizures, raising the stakes in the ongoing dispute.
The resolution further broadens the scope of potential retaliation by suggesting that assets belonging to individuals and entities from countries deemed “unfriendly” could also be targeted. This move could have far-reaching implications for foreign investors and businesses operating within Russia.
The EU’s proposal to utilize frozen Russian assets has been met with legal and political debate, with some experts questioning its legality under international law. The Kremlin has consistently condemned the idea as illegal and has vowed to respond forcefully to any such action. This latest resolution from the Duma underscores that commitment.
