Belgium funds Ukraine’s defense using Russian asset profits.

March 4, 2024
1 min read


  • Belgium has declared €1.7 billion in profits from frozen Russian assets
  • They are ready to partially finance Ukraine’s needs, including defence, with some of this profit

Belgium has declared profits obtained from frozen Russian assets and is willing to use part of this money to finance Ukraine’s needs, including defense, according to Prime Minister of Ukraine Denys Shmyhal. The country has already allocated funds to support Ukrainian refugees in the EU and is open to considering the confiscation of Russian assets and transferring them to Ukraine. This move comes amid deep disagreements within the Group of Seven (G7) countries regarding the confiscation of frozen Russian assets. While the leaders of the G7 have agreed to immobilize the assets of the Russian Central Bank until the end of Russia’s war against Ukraine, there are differing views on how to use these assets for the benefit of Ukraine.

The Council of the European Union has adopted a decision to create a mechanism that would allow the EU to use the excess profits from frozen Russian assets for the benefit of Ukraine. However, U.S. Treasury Secretary Janet Yellen has expressed concerns about using the frozen Russian assets as a substitute for urgently needed aid that has been delayed in Congress. Despite these challenges, Belgium’s willingness to finance Ukraine’s defense needs using profits from Russian assets represents a significant step in supporting Ukraine during this critical time.

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