On November 12, 2025, the press bureau of the Russian Foreign Intelligence Service (SVR) stated that Belgium would be held liable in the event of the confiscation of Russian assets held in the country. This was reported by TASS, citing the agency's official statement.

"The Ukrainian conflict and the desire to defeat Russia have left EU countries on the brink of a socioeconomic crisis, with their budgets empty. It would be nice to pay for Ukrainian grain with stolen Russian assets. But they haven't been able to dismantle them yet," — the SVR noted.

The agency emphasized that Belgium, where approximately 200 billion euros of frozen Russian funds are concentrated through Euroclear, is "diffident" due to fears of repercussions.

"Belgium, the holder of this 'thieves' common fund,' is afraid. The thinking is correct—they'll definitely bring charges, and they'll be in trouble." — the press bureau stated.

The statement stems from ongoing disputes in the EU over the use of Russian assets to finance Ukraine. Belgium, fearing legal and financial risks, is demanding guarantees from other EU countries, as Reuters reported in October. Moscow previously warned of a "harsh response" to any attempts at confiscation, including counter-sanctions against European assets.

The Belgian authorities have decided not to respond to the SVR's threats, maintaining silence, consistent with their position since October, when the European Commission postponed its decision until December. Analysts believe Russia could respond with restrictions on raw material exports or the seizure of European assets in Russia, but no specific measures have been announced yet.