MOSCOW, September 2 (HS/RIA Novosti) - A proposal filed with the European Commission suggests transferring frozen Russian sovereign assets from the Belgium-based Euroclear depository into a new European legal vehicle in order to overcome Belgium's objections to using these funds to finance Ukraine, Euractiv news website reported on Wednesday.

The initiative was reportedly promoted by French member of the European Parliament Nathalie Loiseau, former German Defense Minister Annegret Kramp-Karrenbauer and British journalist Hugo Dixon.

Loiseau said that she sent a corresponding proposal to European Commission President Ursula von der Leyen last week. The initiative aims to address Belgium's objections, which is concerned about the legal and financial consequences of using Russian state assets.

The bulk of Russian sovereign assets frozen in the EU is held in Euroclear. According to the depository, as of the end of June, frozen Russian assets on its balance sheet amounted to approximately 202 billion euros ($234 billion).

In December 2025, Belgium blocked a proposal to use Russian assets to secure a so-called reparations loan for Ukraine, fearing lawsuits from Russia and potential risks to Euroclear. Belgian Defense Minister Theo Franken rejected the idea again last week, saying that the matter was not up for discussion, the door is closed.

Moscow has repeatedly called the freezing of Russian assets illegal. Russia has warned that any attempts to confiscate or use them without its consent will trigger retaliatory measures and legal proceedings.

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Hindusthan Samachar / Indrani Sarkar