Belgium will confiscate frozen Russian assets for investors

Belgium will confiscate approximately 3 billion euros in frozen Russian assets to compensate Western investors who suffered losses due to asset confiscations in Russia. The Euroclear depository, based in Belgium, is preparing to seize the funds, which belong to sanctioned Russian entities. The Belgian government authorized the payments in March, a shift from previous practices of only using interest from frozen assets. This move follows pressure from international investors and has drawn criticism from Russia, with Putin calling it "theft." Over 200 billion euros of Russian Central Bank reserves remain frozen in the EU.