{"id":1911,"date":"2025-10-27T11:26:07","date_gmt":"2025-10-27T09:26:07","guid":{"rendered":"https:\/\/kyivdefensepolicy.org\/?p=1911"},"modified":"2025-11-08T10:23:55","modified_gmt":"2025-11-08T08:23:55","slug":"belgium-blocks-russian-assets-ukraine-windfall","status":"publish","type":"post","link":"https:\/\/kyivdefensepolicy.org\/de\/2025\/10\/27\/belgium-blocks-russian-assets-ukraine-windfall\/","title":{"rendered":"Belgium blocks Russian assets: shrinking funds for Ukraine"},"content":{"rendered":"<p data-start=\"890\" data-end=\"901\"><strong data-start=\"890\" data-end=\"901\">Summary<\/strong><\/p>\n<p data-start=\"903\" data-end=\"1215\">Belgium blocks Russian assets and each month Europe debates how to use them for Ukraine, the pot gets smaller. Interest income on the sanctioned funds peaked last year and now declines as central banks cut rates. The result is simple: delay drains cash that could otherwise support Ukraine\u2019s defense and economy.<\/p>\n<p data-start=\"1217\" data-end=\"1671\"><strong data-start=\"1217\" data-end=\"1249\">Why Belgium stalled the plan<\/strong><br data-start=\"1249\" data-end=\"1252\" \/>At the October summit, Belgium stopped an EU mechanism that would route windfall profits from frozen Russian assets directly to Ukraine through a collective loan framework. Brussels argues it needs transparency about assets held in other member states, legally binding risk-sharing, and an airtight legal basis. Those demands sound technical, yet they preserve national control over a uniquely Belgian lever: Euroclear.<\/p>\n<p data-start=\"1673\" data-end=\"2327\"><strong data-start=\"1673\" data-end=\"1710\">Follow the money\u2014and the leverage<\/strong><br data-start=\"1710\" data-end=\"1713\" \/>Euroclear, based in Brussels, safekeeps the lion\u2019s share of Europe\u2019s frozen Russian holdings\u2014about \u20ac193 billion out of a total book of roughly \u20ac227 billion. As rates rose in 2023\u20132024, the idle cash produced large \u201cwindfall profits,\u201d which Belgium taxed. In 2024 alone, the Belgian state collected about \u20ac1.7 billion in corporate tax from those earnings. Belgian leaders note they fund Ukraine with that revenue. But under the EU loan design, profits would flow straight to Ukraine, curbing Belgium\u2019s discretion over timing, amounts, and political messaging. In short, Belgium would lose both revenue and leverage.<\/p>\n<p data-start=\"2329\" data-end=\"2873\"><strong data-start=\"2329\" data-end=\"2363\">Falling rates, falling revenue<\/strong><br data-start=\"2363\" data-end=\"2366\" \/>The macro picture now works against Ukraine. Interest earnings surged from \u20ac821 million in 2022 to \u20ac4.4 billion in 2023 and \u20ac6.9 billion in 2024. In 2025, with European rate cuts, Euroclear reported \u20ac3.9 billion through September, pointing to a markedly lower full-year total. Meanwhile, Ukraine\u2019s needs far exceed this shrinking stream; expert estimates put annual requirements at $100\u2013150 billion. The G7\u2019s $50 billion loan anchored to windfall profits helps, but as rates decline, so does the collateral.<\/p>\n<p data-start=\"2875\" data-end=\"3318\"><strong data-start=\"2875\" data-end=\"2911\">Control versus collective action<\/strong><br data-start=\"2911\" data-end=\"2914\" \/>Because Euroclear holds roughly 86% of Europe\u2019s frozen Russian assets, Belgium\u2019s veto can stall the entire plan. That exposes a structural weakness: when unanimity rules, any member can hold 26 others\u2014and Ukraine\u2014hostage to domestic priorities. Belgium\u2019s shareholding in Euroclear (about 12.92% via state and local institutions) only deepens the incentive to protect a valuable fiscal and political tool.<\/p>\n<p data-start=\"3320\" data-end=\"3699\" data-is-last-node=\"\" data-is-only-node=\"\"><strong data-start=\"3320\" data-end=\"3345\">What must happen next<\/strong><br data-start=\"3345\" data-end=\"3348\" \/>Europe must reconcile legal risk, burden-sharing, and transparency without letting the clock kill the value. A credible mechanism should guarantee common backing, publish an audited inventory of assets across capitals, and set automatic transfers so revenue cannot be politicized. Otherwise, by the time Europe agrees, there may be little left to use.<\/p>","protected":false},"excerpt":{"rendered":"<p>Belgium blocked a European Union plan to channel profits from frozen Russian assets to Ukraine. Brussels benefits from Euroclear tax revenue and leverage, while delays mean less money for Kyiv and a plan held hostage by European Union unanimity rules.<\/p>","protected":false},"author":10,"featured_media":1914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[7],"tags":[683,678],"class_list":["post-1911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","tag-eu","tag-ukraine","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Belgium blocks Russian assets: shrinking funds for Ukraine - Kyiv Center for Defense Policy<\/title>\n<meta name=\"description\" content=\"Belgium blocks Russian assets, shrinking Ukraine\u2019s windfall as rate cuts bite. 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