Belgium fears Russia's reaction and consequences for its country

Official Brussels is determined to block this plan until it receives reliable guarantees from other EU members.

First of all, it is about Euroclear being able to quickly get all the funds back if the company is forced to return the assets to Russia.

They fear this could happen if the commission's proposal is found to be illegal or if the US and Russia reach a peace agreement that would oblige Euroclear to return the money.

Moreover, the Belgian authorities fear that the Kremlin may officially confiscate the assets of its companies in Russia.

There is an extremely high probability that official Moscow will take control of Euroclear's assets located in the Russian Federation.

In addition, it could push Putin's allies to seize Euroclear assets in other countries.

According to insiders, Euroclear's assets in the aggressor country reach 17 billion euros.

Belgium wants to expand the EU plan to include support from non-EU countries, possibly including the US, UK and Japan.