€180 Bln Frozen Russian Assets in Belgium

by Meifan Honcharuk
Monday, May 8, 2023
€180 Bln Frozen Russian Assets in Belgium

The government sanctioned assets with the intention of using them to help Ukrainians in Ukraine and abroad

On May 4, during a joint briefing with Zelenskyy in The Hague, Belgian prime minister Alexander de Croo announced blocking sanctioned Russian assets worth €180 billion. In March of this year, the state announced its intention to use tax interest from assets as forced help for Ukraine, and the government expressed its intention to attract all profits from the amount.

"We want to play a leading role in this. The use of this money for the war effort of Ukraine and for its reconstruction is justified from both an economic and a moral point of view," De Croo.

According to the minister, currently, we are talking about €197 million, which will be directed to help the defence capability of the Ukrainian army and support Ukrainians who fled the war abroad.

"But I am convinced that we must go further - not only by freezing the interest on Russian assets but also by confiscating them," De Croo.

Currently, the state is working on the creation of a legal mechanism for the confiscation of Russian assets and will further involve the European Commission in forming the legal basis for this mechanism.

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