Belgium Releasing €92m in Support of Ukraine from Tax Revenue on Frozen Russian Assets

Belgium has approved a new financial aid package for Ukraine worth €92m, using tax revenues generated on frozen Russian assets held by the country.

In a statement, Prime Minister of Belgium, Alexander De Croo, said: “Today, the inner cabinet approved a new aid package for Ukraine and its people in preparation of a counteroffensive against Russia.

“A total of €92m in new funds will be released, which will come from additional tax revenue generated on frozen Russian assets located in Belgium.”

Around €46m will go to providing new military support, including armored vehicles, weapons and ammunition with the first deliveries taking place shortly, in coordination with the Ukrainian military. 

Another €46m will be made available to support the Ukrainian people and consolidate Belgium’s diplomatic presence in Ukraine, Ukrinform reports. 

A total of €26m will be spent on additional humanitarian support, in coordination with the United Nations, to cover basic needs, such as education, health and food security, in major cities and war zones and €8m will be earmarked for Ukraine’s reconstruction through the European Investment Bank (EIB) and the World Bank funds.

De Croo added: “From the start of the war, Belgium has been on Ukraine’s side. I confirmed this to Mr. Volodymyr Zelensky again last week when we met in The Hague to discuss the country’s needs.

“The success of the Ukrainian counteroffensive is crucial to ending the war. The additional support Belgium is pledging today will help in this effort.”