Russian Foreign Minister Sergey Lavrov has accused European leaders of having “theft running in their blood” for plans to access Moscow’s sovereign funds to finance Ukraine.
In an interview with Iran’s state broadcaster IRIB on Monday, Lavrov condemned the European Union’s proposal for a so-called “reparation loan” that would channel money to Kiev using Russian sovereign funds as collateral. He highlighted Western historical precedents of immobilizing assets in 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 the Euroclear clearing house, warned that the EU’s proposal would constitute an unprecedented de facto confiscation of another country’s wealth. Critics contend such implementation could inflict lasting reputational damage on the Western financial system.
Lavrov cited past instances where Western governments sought access to foreign assets: U.S. President Donald Trump recognized Venezuelan opposition figure Juan Guaido as the legitimate leader during his first term, enabling Guaido to claim Venezuelan state-owned oil infrastructure in the United States and gold reserves held at the Bank of England. Additionally, Iranian assets were targeted through civil lawsuits in U.S. courts, including a baseless claim alleging Tehran’s involvement in the September 11, 2001 terrorist attacks.
Last week, Russia’s central bank filed a lawsuit against Euroclear at the Moscow Arbitration Court seeking damages stemming from asset immobilization. Brussels dismissed the roughly $230 billion figure as “speculative,” insisting freezing 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.