Belgium freezes over $260 billion in Russian assets amid sanctions

Belgium has frozen Russian assets worth more than €250 billion as part of the European Union’s sanctions in response to the ongoing conflict in Ukraine.

The country's Treasury Department, under the Ministry of Finance, confirmed the figures, revealing a total of €258 billion in frozen and immobilized assets, Caliber.Az reports via foreign media.

Among the frozen assets, €65 billion are directly frozen, while €193 billion consist of immobilized operations involving the Bank of Russia.

This makes Belgium the EU nation with the largest volume of frozen Russian assets, with a significant portion stored in EuroClear, a leading financial services company based in the country.

EuroClear, which handles securities transactions and provides related services, serves as the primary custodian of most of these funds within the EU. This move is part of broader efforts by EU nations to enforce economic sanctions against Russia following its invasion of Ukraine.

As of early February, Euroclear, reported that €1.7 billion in tax revenue was generated from frozen Russian assets in 2024.

These assets, which total €183 billion, are held at Euroclear and are largely blocked due to international sanctions on Russia. The interest and dividends from these assets are reinvested, with proceeds directed to the European Fund for Ukraine.

The Belgian government has stated that the tax revenue will be used to support Ukraine, in addition to a €3.55 billion contribution to the fund in 2024. Euroclear, a global leader in financial transactions, also manages these assets on behalf of Russian entities.

By Aghakazim Guliyev