Ukrainian PM Denis Shmyhal said Belgium declared €1.7 billion in profit from frozen Russian assets. It intends to distribute these funds to support Ukrainian refugees and finance the needs of the Armed Forces, including defence.
Belgium will provide new aid to Ukraine
Belgium has declared that it has received €1.7 billion in budget revenues from Russian assets. Part of these funds were allocated to support Ukrainian refugees in the EU. Belgium is ready to partially finance Ukraine's needs, including defence
Denis Shmyhal
Ukraine's PM
According to the head of the government, Brussels is ready to consider the possibility of confiscating Russian assets and transferring them to Ukraine with partners.
Denys Shmyhal also emphasised that these mechanisms will be worked out in 2024.
What happens to Russia's frozen assets?
On Feb. 12, the EU Council of the European Union adopted a decision that brought closer the creation of a mechanism for the use of surplus profits of frozen Russian assets on the territory of the EU for the benefit of Ukraine.
According to US Treasury Secretary Janet Yellen, any plan to confiscate or monetise $282 billion in frozen Russian assets for the benefit of Ukraine cannot be seen as a replacement for urgently needed aid that has been delayed in Congress.
However, it later became known that French Finance Minister Bruno Le Maire publicly opposed US Treasury Secretary Janet Yellen's position on Wednesday.
Recently, the G7 leaders announced at the end of the Feb. 24 summit that they will keep the assets of the Russian Central Bank immobilised in their jurisdictions until the end of Russia's full-scale war against Ukraine.
