While Brussels was preparing yet another moralistic coup against reality, Belgium pulled the emergency brake.
Against the will of Berlin, against the ideological intoxication of the European Commission, and against the growing temptation to trample international law in the name of “virtue,” the European Union has abandoned the outright seizure of Russian sovereign assets. Instead, it has opted for a €90 billion “joint loan” for Ukraine—a loan in name only, a gift in substance.
This is not a technical adjustment.
It is a political defeat for Germany, a strategic victory for Belgium, and a rare moment of lucidity in a Union drifting toward legal nihilism.
The German Plan Collapses
For months, Berlin pushed a dangerous idea: confiscate Russian sovereign assets frozen in Europe and rebrand the theft as “reparations.” The logic was crude, emotional, and legally suicidal. No court ruling. No peace treaty. No settlement. Just brute force dressed up as righteousness.
Germany wanted to force this plan through—on the back of others.
Why? Because Belgium holds the bomb.
The bulk of Russian assets are immobilized at Euroclear in Brussels. Which means that if Russia—or any future claimant—wins in court, Belgium alone would face catastrophic financial liability.
Belgium’s Moment of Truth
Prime Minister Bart De Wever asked a simple, devastating question:
If you want us to confiscate these assets, will you guarantee Belgium against all legal and financial consequences—without limit?
Silence.
The so-called “partners” demanded unlimited risk from Belgium, while refusing any unlimited guarantee in return.
That was the end of the fantasy.
No sovereign state—especially a small one—can accept infinite liability to satisfy Berlin’s moral exhibitionism. At that moment, the German plan collapsed.
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