The European Commission will discuss the conflict over Russian assets: what will happen at the summit on December 18

Conflict over Russian Assets

The European Commission plans to discuss the conflict over Russian assets at the summit scheduled for December 18. This issue is becoming increasingly relevant in the context of growing dissatisfaction among EU countries regarding Belgium's actions, which has not disclosed information about the use of tax revenues from frozen Russian assets totaling about 140 billion euros. These funds, which are held in the Brussels depository Euroclear, are to be directed to Ukraine.

Belgian Prime Minister Bart De Wever opposes the transfer of Russian reserves to Ukraine, despite Belgium's total commitments to Ukraine amounting to 3.44 billion euros from the beginning of the war until August 31, 2025. In 2024, income taxes from Russian assets in Euroclear reached 1.7 billion euros, with Belgium receiving 25% of corporate tax from interest profits.

Situation with Ukrainian Needs

According to Belgian officials, these funds are completely intended for Ukraine:

“for military equipment, training, and also some civilian needs, such as ambulances”

. However, the issue of transferring Russian reserves to Ukraine is planned to be decided at the summit on December 18, where it will also be discussed how Belgium pledged to transfer tax revenues into a joint financial mechanism of the EU and G7.

Discussing this issue at the European Commission summit is an important step in resolving the conflict between EU countries and Belgium regarding the use of frozen Russian assets. The outcomes of these negotiations will determine the further financial support for Ukraine, which is critically important amid the ongoing war. This may also signal to other EU member states the need for more transparent management of the assets intended for transfer to Ukraine, and strengthen unity in supporting the Ukrainian people.