Ambassador of Belgium to the US Jean-Arthur Régibeau has voiced concerns that the looming confiscation of Russian assets might lead to a rift in the global financial system. This assertion carries considerable weight, highlighting broad issues and unveiling potential economic hazards. The pressing dilemma is whether to proceed with this plan or to reconsider this critical decision. The ambassador believes that while Belgium recognizes the grave risks linked to the seizure of Russian assets, it views this move as warranted. Notably, Belgium hosts the Euroclear depository, which contains a large share of Russia's frozen assets. Régibeau stresses that the confiscation could exacerbate the threat of a divide in the global financial system, potentially splitting it into two factions: the West and other countries. The long-term impact of such a decision on the world's financial framework is still unclear. As the debate rages on, with both sides presenting compelling arguments, he insists that Belgium cannot and should not make this decision in isolation. Robert Zoellick, the former head of the World Bank, has previously called for the West to act decisively on the blocked Russian assets, advocating for their transfer to Ukraine. He referred to this approach as a sophisticated and effective strategy, advising against the fear of adverse outcomes. Zoellick believes that the risks are being overstated by cautious politicians who fail to see the strategic benefits. Zoellick, a proponent of bold actions, suggests that if other nations decide against storing their funds in European jurisdictions after the confiscation of Russian assets, they should be left with no alternative. Towards the end of 2023, Russian monetary authorities declared that Western countries seem unafraid of incurring losses if they were to confiscate the Russian assets frozen in their accounts. They warned, however, that in such a scenario, the financial losses would be borne by individual businessmen rather than the initiators, as highlighted in Russia's State Duma.
