The Belgian government received €1.7 billion in taxes generated from frozen Russian assets in the country last year and will allocate this money to aid programmes for Ukraine.
According to the Belgian media VRT,
"Frozen Russian assets held by securities giant Euroclear in Belgium generated €1.7 billion in tax revenue for Belgium last year. That's according to Euroclear’s annual figures. The Belgian government will use the cash to provide aid to Ukraine. The total amount of Russian assets blocked at Euroclear amounts to some 183 billion euros."
It is noted that Euroclear is one of the largest and most influential players in the global financial market. Approximately 12% of Euroclear's shares are owned by the Belgian federal government, with the rest held by other municipal governments and banks.
Euroclear had provided financial services to Russian companies and the government, but all transactions were frozen after Russia started its war against Ukraine and faced international sanctions in response to its aggression. Russian assets, including cash, stocks, and loans, are now frozen and inaccessible to Russian entities.
According to the publication, the interest generated from these Russian billions is transferred to a special account at Euroclear and used to fund European assistance programmes for Ukraine. In the 2024 fiscal year, €3.55 billion was transferred to these funds. The first tranche of €1.55 billion was transferred in July 2024, and the second tranche, around €2 billion, is expected to be transferred next month.
The Belgian government also taxes all revenue generated from frozen Russian assets. In 2024, these taxes amounted to €1.7 billion, which will be directed to support Ukraine.
