Belgium will create a €1.7B fund from revenues obtained through frozen Russian assets.

As reported by the Prime Minister of Belgium, Alexander De Croo, the proceeds from taxes on income from frozen Russian assets will be credited to the fund.

“Here in Belgium, we have taxation on the income from these frozen assets. Last year, it became obvious to us that the income taxes on these assets should be 100% aimed at helping the Ukrainian people. We did it last year and will do it this year,” the prime minister noted.

These funds will go to the military, and humanitarian aid will be sent to the European Peace Fund to support the macroeconomics of Ukraine.

For his part, the President of Ukraine, Volodymyr Zelensky, thanked De Croo for the initiative and said that the money from the €1.7B fund will be used next year.

“It is crucial that Belgium became the first country to start using frozen Russian assets to support Ukraine against Russian terror”, Zelenskyy emphasized.