Glenn Diesen - Greater Eurasia Podcast Ian Proud: Legalising the Theft of Russian Assets
Nov 11, 2025
Ian Proud, a former British diplomat with extensive experience in Moscow, dives into the contentious topic of frozen Russian assets. He discusses the EU's push to use these assets to fund Ukraine and the legal dangers this poses, particularly for Belgium. Proud highlights the reluctance of member states to guarantee repayment risks and the erosion of trust in European financial systems. He warns that Russia's strategic patience could lead to serious repercussions, complicating any prospects for peace. This conversation unpacks the intricate legal and geopolitical ramifications of asset seizure.
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Belgium Blocks Risky Reparation Loan Plan
- Belgium resists using frozen Russian reserves to back a €140bn loan because it would bear legal and financial risk.
- Allowing expropriation could trigger huge litigation under existing Belgo‑Lux investment treaties, doubling liabilities with damages.
Don’t Make One State Bear All Risk
- Avoid guaranteeing seized‑asset loans at national level because member states lack fiscal capacity and political appetite.
- Do not shift 100% of litigation risk onto single host states like Belgium without shared guarantees.
Seizing Assets Would Chill Global Trust
- Freezing or seizing central bank assets would damage trust in European financial hubs like Euroclear.
- Major creditors (China, India, Gulf states) may avoid Europe and shift global financial architecture eastward.