Belgium has indicated it is willing to reconsider its cautious stance on using frozen Russian assets, amounting to €190 billion ($222 billion) held within its territory, if the European Union (EU) agrees to share the legal burden.

Speaking to the Financial Times, Belgian Foreign Minister Maxime Prévot stated that his government may support more assertive strategies to generate income from the assets, as long as the financial and legal risks are distributed among all 27 EU member states.

“If new initiatives were to be taken, it would be necessary to ensure their legal robustness, but also that there would be a pooling of risks,” Prévot emphasized.

He warned, however, against overly aggressive steps, likening the current situation to a “hen laying golden eggs,” a resource that must be handled with care to ensure long-term benefit.

EU pushes for greater returns to aid Ukraine reconstruction

The frozen assets, held primarily by Euroclear, a Belgium-based central securities depository, have accumulated profits as they mature. These profits are already being earmarked to repay a $50 billion loan the G7 raised for Ukraine’s reconstruction amid the ongoing conflict with Russia.

While the European Commission has resisted direct asset seizure, it is exploring riskier reinvestment strategies to boost returns. Commission President Ursula von der Leyen confirmed efforts are advancing to channel those returns toward Ukraine’s defense and rebuilding efforts.

Despite this, Belgium has historically blocked more aggressive use of the underlying assets, citing fears of litigation and long-term damage to its financial credibility.

“Belgium alone cannot be made liable for any potential claims that could one day condemn it to repaying the equivalent of its annual budget,” said Prévot.

Still, he noted, "the appetite now seems bigger" for a broader EU legal safety net.

Read more: Russia must pay reparations before frozen assets are returned: Kallas

Caution over escalation: fears of market fallout and global precedents

Officials at Euroclear have dismissed any strategy to increase returns through higher-risk investments, arguing that doing so would constitute a form of confiscation, a position echoed by the Belgian foreign minister.

“We understand why the pressure on our shoulders is increasing every day,” Prévot said. “But confiscation is not an option.”

He warned such moves could damage international trust in European financial institutions and the euro, saying, “This could raise fears among other nations that their sovereign assets in Europe may be targeted for political reasons in the future.”

Such precedent, he warned, could result in a collapse of confidence in European markets, with devastating consequences.

Instead, Prévot argued for keeping the immobilized assets as negotiation leverage in any future peace talks.

“If we want the hen to continue laying golden eggs, we must avoid killing it,” he said.

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