Belgium will transfer 1.7 billion euros in taxes on income from Russian assets to Ukraine

Belgium plans to transfer 1.7 billion euros to Ukraine, which were received in the form of taxes on income during the reinvestment of frozen Russian assets. This was stated by Belgian Prime Minister Alexander de Croo.

After a meeting with Ukrainian President Vladimir Zelensky in Brussels, de Croo noted that frozen Russian funds and income from their reinvestment are within the competence of the European Union.

“We can transfer to Ukraine the funds received in the form of taxes on this income, this is 1.7 billion euros, which should be used to support and restore Ukraine,” he explained (quote according to TASS).

In February 2023, the Belgian Ministry of Finance reportedthat Brussels has frozen Russian assets totaling 58 billion euros and blocked Russia-related transactions worth 191 billion euros. In April, Le Soir, citing the Treasury wrotethat Belgium received a €625 million “windfall” from taxing interest on frozen Russian assets.

The international depository Euroclear is based in Belgium. In July, in his report it was saidthat Euroclear received interest income from the investment of frozen Russian assets in the amount of 1.743 billion euros.

In response to Russia’s special operation in Ukraine, Western countries blocked, as the head of the European Commission Ursula von der Leyen reported, 300 billion euros of reserves of the Russian Central Bank and 19 billion euros of private funds of Russian businessmen. The Kremlin called this decision theft.