Belgium to transfer €1.7 bln in frozen Russian assets to Ukraine next year

Belgian PM Aleksandr De Croo announced taxation on the proceeds of Russian frozen assets, worth €1.7 bln, will go to Ukraine next year for military equipment, humanitarian support, and reconstruction efforts.

Belgium will continue to support Ukraine in three fields, the first two of which are military assistance and economic sanctions, the PM said  after meeting with Ukrainian President Volodymyr Zelensky in Brussels.

We annoucne the creation of a 1.7 billion euro fund for Ukraine. Russian assets frozen in Belgium will be a main source of new Ukraine support push. Belgium has taxation of the income of these frozen assets, so it was clear that these profits should go 100% to the people of Ukraine.

We did it last year, and we will do it again. This fund will be used for the purchase of military equipment, humanitarian support, the European Peace Fund, macro-financial assistance, etc., emphasized Mr. Croo.

Zelensky thanked Belgian allies for their principled work on freezing Russian assets.

Belgium has become the first country to launch the practice of using frozen Russian assets to support the defense against Russian terror. The funds will be used for security assistance to our country and for rapid reconstruction projects in the regions of Ukraine, the Ukrainian leader noted.

Previously, De Croo said Belgium will send F-16 fighter jets to Ukraine from 2025 and provide their maintenance.

Ukraine has been aiming to spend the frozen Russian assets on the rehabilitation of Ukrainian veterans.

In April, Ukraine called on the world to focus on strengthening the implementation of sanctions against Russia and accelerate the development of mechanisms for confiscating enemy assets to use to rebuild war-battered locations.

The US is already preparing to transfer frozen Russian assets worth more than $5 million to Ukraine for the first time.