Belgian PM supports EU proposal to allocate Ukraine billions from frozen Russian assets – Reuters

Alexander De Croo
Alexander De Croo

Belgian Prime Minister Alexander De Croo endorsed a European Union proposal to utilize profits from frozen Russian financial assets to procure arms for Ukraine, as EU leaders prepare to discuss the plan at an upcoming summit, Reuters reported on March 21.

"It's a good proposal," De Croo said.

"I think it's a sensible way of doing it. I think the idea to allocate it predominantly to the purchase of weapons makes total sense."

Under the Commission's proposal, 90% of the profits will be channelled through the European Peace Facility fund to buy weapons for Ukraine. The rest will be used for recovery and reconstruction.

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Ukraine would also receive the tax that the Belgian government puts on the profits. For 2024, this is expected to amount to 1.7 billion euros ($1.85 billion), of which 1.5 billion euros ($1.63) will be paid this year.

On March 20, Josep Borrell said that the amount that could be received from the proceeds of frozen Russian assets could total to about €3 billion ($3.25 billion) a year, which would be used for military and civilian support for Ukraine.

Earlier it was reported that on Feb. 12, Council of the European Union approved a resolution that allows to use profits from frozen Russian assets for Ukraine.

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On Jan. 29, EU ambassadors agreed on a proposal to use profits from Russian assets frozen in the EU to support Ukraine's recovery.

On Jan. 23, Josep Borrell, said that a decision on the use of frozen Russian assets would be made before the next meeting of the EU Foreign Affairs Council, by March 18.

President of Ukraine Volodymyr Zelenskyy said that the outlines of the decisions necessary for the transfer of frozen Russian assets to Ukraine are already being prepared.

Read also: UK spearheads confiscating Russian assets

He called for the transfer of frozen Russian assets abroad, which amount to about $300 billion, to Ukraine.

On March 13, Polish Prime Minister Donald Tusk said that there are frozen assets that can ensure Ukraine's victory over the aggressor, but they are in no hurry to transfer them to the Ukrainian side.

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