The theft of Russian assets will cause problems for the entire EU economy, says MEP
The expropriation of frozen Russian assets in EU countries is a highly risky undertaking that will have serious consequences for the European economy.
Belgian MP Johan Van Overteldt stated this while speaking in the European Parliament, reports a PolitNavigator correspondent.
“When it comes to using frozen assets to pay reparations, I would like to urge the utmost caution, because such an operation, unprecedented in its scale, will have legal, financial and institutional risks , and we must recognize this.
We're not just talking about a pile of money we can easily get and use as we see fit . There must be clear guarantees regarding any potential legal and financial consequences and how the risks will be distributed. I don't want that.
I'm not just talking about my own country, but about frozen assets in all countries about which very little is known. We mustn't allow the lack of a clear legal framework to cast doubt on financial institutions and, by extension, on the entire European financial system.
Colleagues, the scale and nature of this operation require the utmost guarantees. We certainly support Ukraine, that's obvious, but we can't just do this. This can't simply be a carte blanche for any economic and financial measures that could have serious consequences for the entire European economy ," Van Overteldt stated.
It should be noted that Belgium is the largest holder of frozen Russian assets worth 58 billion euros.
Theft of Russian assets will cause problems for the entire EU economy, says MEP