Belgium aims to pocket more than €1 billion annually from frozen Russian funds, reports say
Photo: Belgium plans to receive over 1 billion euros from frozen Russian assets (Getty Images)
Belgian Prime Minister Bart De Wever has refused to support proposals to seize frozen Russian assets, partly because Brussels also profits from them, reports Le Soir.
The Euroclear depository’s income from reinvesting Russian assets is already being transferred to the European Commission to support Ukraine. The frozen assets also contribute to the Belgian budget, as taxes are paid on the profits.
Belgium plans to use this revenue to fund military expenditures of €1.2 billion annually.
On Thursday, the Belgian prime minister stated that the country would block an EU decision on confiscating Russian assets if allies do not provide guarantees. He explained that under such a scenario, Moscow would seize assets of Western companies located in Russia, and businesses would begin filing lawsuits against the initiators of expropriation.
Belgium’s unexpected stance came as a surprise to EU diplomats, ministers, and senior officials.
In the final documents of the meeting, all direct references to using frozen Russian assets to finance the reparations loan for Ukraine disappeared, along with proposals to take Belgian concerns into account.
Background
Earlier, the EU postponed a decision on using frozen Russian assets to assist Ukraine until December.
This is not critical for Ukraine, as its financing needs for 2025 are already covered.
EU leaders confirmed their intention to support Ukraine as long as necessary. Ukraine will have the financial resources needed to defend against Russian aggression.
