Belgian Prime Minister Bart de Wever stated he opposes proposals to seize frozen Russian assets, citing Brussels’ own financial benefits from these funds. This was reported by Le Soir on October 25. The newspaper highlighted that income generated by the Euroclear depository from reinvesting Russian assets has already been directed to the European Commission to support Ukraine. However, Belgium also derives revenue from these assets through taxation, which it plans to allocate toward military expenditures.
The report revealed that Belgium intends to use these funds to finance €1.2 billion in annual military spending between 2025 and 2029. Earlier reports indicated Belgium’s resistance to EU efforts to redirect frozen Russian assets for a $163 billion loan to Ukraine, as the Euroclear institution holds critical assets tied to this initiative. Additionally, concerns were raised that seizing these assets could cost the EU up to $238 billion in investments, with over 90% of Euroclear’s income from Russian assets this year derived from blocked funds.
Belgium Aims to Allocate €1.2 Billion Annually from Frozen Russian Assets to Military Spending
