BRUSSELS, December 3. /TASS/. The European Commission (EC) has submitted legal proposals to EU countries on the expropriation of all 210 bln euros of sovereign assets of the Bank of Russia frozen in the European Union for financing Ukraine in 2026-2027, said the European Politico edition, which obtained the text of proposals.

Belgium, it should be noted, where the funds are actually held, is adamantly opposed to the seizure, Politico wrote.

According to Politico, the EC intends to allocate 165 bln euros directly to financing Ukraine, and 45 bln euros to repaying loans allocated to Ukraine in 2024 from EU and G7 members worth up to 45 bln euros to be repaid through interest earned from the reinvestment of frozen Russian assets through the year 2042 (the so-called ERA initiative). Of the funds allocated to Kiev, the European Commission intends to allocate 115 bln euros for military needs and 50 bln to cover budget expenses.

Those proposals will now be discussed at the EU summit on December 18-19.

The European Commission intends to withdraw all 185 bln euros blocked in the accounts of the Euroclear depository in Belgium, of which 140 bln euros will go to the needs of Ukraine, and 45 bln euros to compensations under the ERA, according to the publication. The remaining 25 bln euros are to be withdrawn "in other EU countries," the newspaper said without specifying in which exactly.

The distribution of those funds and the organization of payments to Ukraine are intended to be handled by the European Commission alone.

The data published by Politico makes no mention of legal guarantees offered to Belgium. It is within its jurisdiction that the EU proposes to seize Russia’s main assets.

Despite the fact that the solution is promoted by the EC, it is the Belgian state that will legally violate state guarantees of the inviolability of sovereign assets. The European Commission has no international entity for this.

Earlier, Belgian Minister of Foreign Affairs Maxime Prevot called the expropriation of Russian assets under the reparations loan scheme "the worst of all" possible options to finance Ukraine, adding that it could lead to disastrous consequences.