Biden, Belgian PM Alexander De Croo to meet at White House
US President Biden is hosting Belgian Prime Minister Alexander De Croo at the White House today.
The two leaders are expected to reaffirm their shared commitment to supporting Ukraine and discussions are likely to focus on plans to formally seize Russian assets currently frozen in American and Belgian banks.
The United States recently passed the REPO Act, which authorized Biden to confiscate frozen Russian assets in the U.S. banks and transfer them to Ukraine to aid reconstruction efforts. While the U.S., Belgium, and the U.K. are generally on board with the idea of seizing Russian assets, other countries like France and Germany have expressed reservations. European officials in particular have noted that confiscating Russian funds could undermine the dollar’s standing as the main global reserve currency. Additionally, China and other countries may pull their money out of U.S. reserves which would result in a significant financial blow to the U.S.
During the meeting, De Croo will likely encourage Biden to attend a peace summit next month in Switzerland. Leaders from all other Group of Seven (G7) nations have already accepted the invitation. Should Biden attend, he and De Croo may take the opportunity to get the G7 countries on board with seizing Russian assets.
