The European country was afraid of the confiscation of Russian assets
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Belgium is afraid of confiscation of Russian assets
Belgium has doubts about the confiscation of Russian assets, as this violates the rights of investors from Russia. They can file lawsuits against the country, the House of Representatives said.
As Samuel Cogolati, a member of the International Affairs Committee, said, between Russia and Belgium there is a document concluded in 1989, which talks about the protection of investments. Belgium may be sued by individuals and legal entities whose funds have been frozen in national depositories. They may claim infringement.
Cogolati stressed that implementation of sanctions is contrary to investment protection rules. So the country needs to plan the overall concept.
The risk of mass claims in arbitration does exist, since Belgium is a rule-of-law state, said the country’s Foreign Minister Aja Lyabib.
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