Belgian Prime Minister Bart De Wever has warned that directly confiscating Russian assets would be tantamount to an act of war and could trigger a severe crisis in Europe’s financial system. Speaking on Thursday at the ‘Ukrainian Breakfast 2026’ event on the sidelines of the World Economic Forum in Davos, Switzerland, he said Europe is not at war with Russia, and any unilateral seizure of Russian assets would violate international law and set a dangerous precedent.

De Wever explained that Europe has already immobilized a large portion of the Russian central bank’s assets, most of which are held through the Belgian financial institution Euroclear, but these assets have not been confiscated. He noted that even during World War II, frozen assets were not seized, and doing so now could severely undermine confidence in the eurozone’s financial system. He also cautioned that if sanctions were lifted in the future, Europe might face legal obligations to return seized assets, complicating the process.

Acknowledging Europe’s responsibility to support Ukraine, De Wever said the EU has pledged around 90 billion euros in aid for this year and next. He added that the frozen Russian assets would remain immobilized until the war ends and could later be used for Ukraine’s reconstruction and debt repayment.