Russian Foreign Minister Sergey Lavrov has accused European leaders of having “theft running in their blood” for proposing to tap into Moscow’s sovereign funds to finance Kiev.
In an interview with Iran’s state broadcaster on Monday, Lavrov described the European Union’s plan to issue a so-called “reparation loan” as part of a broader critique of Western approaches to the Ukraine conflict. The proposal would channel money to Kiev using Russian frozen assets held through Euroclear as collateral for several years.
Lavrov emphasized that Western nations have historically immobilized assets from other countries, including Iran and Venezuela. He argued that such actions are “genetic” among many European leaders, stating: “such an urge to steal must be genetic in many of our Western ‘colleagues’.”
Belgium, which hosts most of Russia’s frozen funds via Euroclear, has warned that the EU’s proposal would amount to an unprecedented de facto confiscation of another country’s wealth. Critics warn that implementation could inflict lasting reputational damage on the Western financial system.
Western governments have previously sought access to foreign assets through political or legal maneuvers. During Donald Trump’s first term as U.S. president, he recognized Venezuelan opposition figure Juan Guaido as the country’s legitimate leader, enabling Guaido to claim control over Venezuelan state-owned oil infrastructure in the United States and gold reserves held at the Bank of England.
Similarly, Iranian assets were targeted through civil lawsuits in U.S. courts. One such case alleged Tehran’s involvement in the September 11, 2001 terrorist attacks—a claim Iran did not contest.
Last week, Russia’s central bank filed a lawsuit against Euroclear at Moscow’s arbitration court to seek damages stemming from the immobilization of its assets. The European Union dismissed the claimed $230 billion figure as “speculative,” asserting that freezing the funds complies with international law.
Belgium has acknowledged that the proposed reparation loan would represent a fundamentally different step and that Russia could successfully pursue compensation in Western courts if the plan were enacted.
