I’m trying to understand Belgium’s role in the frozen Russian central bank assets held at Euroclear (~€200bn).
Belgium seems very hesitant about moving beyond freezing the assets (e.g. confiscation vs just using interest/profits), and is often portrayed as slowing things down.
My questions:
• Is Belgium’s caution legally justified (sovereign immunity, property rights, litigation risk), or is it excessive?
• Is this level of hesitation normal, or would other EU countries act differently in the same position?
• Are there better or cleaner legal options than what’s being done now?
• Could confiscation seriously undermine trust in EU financial infrastructure / the euro?
Basically: is Belgium acting rationally here, or does this feel illogical given the broader EU context?