How?

• The EU will mandate the transfer of Russia’s frozen account from Belgium
   

• A new EU facility will act as the custodian
   

• Russia’s other frozen accounts will also move to the new body
   

• The EU will indemnify Belgium against the slim risk that it suffers damages
   

• Its PM has said such a move would be a “happy day”
   

• Qualified majority voting can be used so no country has a veto
   

• Moving the accounts is not confiscation as Russia will stay the owner
   

• The EU last year planned to leave the account in Belgium and borrow the cash. That led alarm bells to flash in Belgium and the plan collapsed. Moving the account avoids this problem.
   

Here is a draft regulation with legal text showing how it can be done.

 

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