Belgium will not transfer frozen Russian assets to help Ukraine. Reason

Belgian Foreign Minister Maxime Prevot said that the country does not plan to confiscate proceeds from frozen Russian assets and transfer these funds to aid Ukraine.

He said this in an interview with Euronews.

According to him, the confiscation of Russian assets from Belgian banks would jeopardize Belgiumʼs reputation as a financial services center, and would also pose a danger to the European Union.

"It would be a very bad signal to other countries in the world. Some of them also have assets, sovereign assets, in Brussels or elsewhere in Europe," he added.

The official stressed that confiscating the frozen assets would also undermine confidence in the euro. In addition, Prevot rejected an alternative plan to transfer the assets to a separate investment fund.

However, the minister promised that Belgium would join Ukraineʼs security guarantees within the framework of the "Coalition of the Willing". He did not disclose details, but noted that Belgium could provide Ukraine with aircraft and help with demining.

Frozen Russian assets

The value of frozen Russian sovereign assets in the EU is almost €211 billion. In total, the European Union, the G7 countries and Australia have frozen approximately €260 billion in securities and cash.

In October 2024, the EU Council finally approved a loan of up to €35 billion to Ukraine. This money is the blocʼs contribution to the G7 initiative to provide Ukraine with a $50 billion (€45 billion) loan, which will be repaid with the proceeds from frozen Russian assets.

A few days after the EU Council decision, the G7 countries agreed to a $50 billion loan for Ukraine using proceeds from Russiaʼs frozen assets. The US contribution was $20 billion.

The money will be transferred “through various channels” — both to replenish the Ukrainian budget, and for military assistance and the restoration of Ukraine’s infrastructure. Reuters notes that Ukraine will receive all the funds under the loan by the end of 2027.

On September 4, the UK government directed £1 billion from the proceeds of frozen Russian assets to purchase military aid for Ukraine.

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