Belgium ready to finance Ukraine's defence needs using profits from Russian assets

Belgium has declared €1.7 billion in profits from frozen Russian assets. These funds have been partially allocated to support Ukrainian refugees, and the country's  government is ready to finance Ukrainian needs, including defence, with part of this profit.

Source: Prime Minister of Ukraine Denys Shmyhal

Quote: "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," he said.

Shmyhal noted that Belgium is ready to consider, together with its partners, the possibility of confiscating Russian assets and transferring them to Ukraine. These mechanisms will be developed this year.

Reminder:

• On Wednesday, French Finance Minister Bruno Le Maire publicly opposed the position of US Treasury Secretary Janet Yellen on the confiscation of frozen Russian assets, which indicates deep disagreements between the Group of Seven (G7) member countries.
• Following the summit on 24 February, the leaders of the Group of Seven confirmed that they would keep the assets of the Russian Central Bank in their jurisdictions immobilised until the end of Russia's full-scale war against Ukraine.
• On 12 February, the Council of the European Union adopted a decision that brings closer the creation of a mechanism to use the excess profits of frozen Russian assets in the EU for the benefit of Ukraine.
• U.S. Treasury Secretary Janet Yellen believes that any plan to confiscate or monetise US$282 billion of frozen Russian assets for the benefit of Ukraine cannot be seen as a substitute for urgently needed aid that has been delayed in Congress.

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