Russia Ukraine war, page-210744

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    Belgium backs EU idea to give Ukraine profits from frozen Russian assets

    Belgium has backed a proposal that would see Ukraine receive the profits from frozen Russian assets.

    The European Commission, the EU's executive body, proposed taking profits from Russian assets frozen in Europe after the invasion of Ukraine and transferring some 90% to Kyiv.

    The value of the frozen funds is estimated at estimated at €2.5-3bn

    "It's a good proposal," Prime Minister Alexander De Croo told Reuters.

    Belgium's voice matters on the proposal not just because of its member status, but because the assets are frozen by EU central securities depositories - mainly Belgium's Euroclear.

    "I think it's a sensible way of doing it. I think the idea to allocate it predominantly to the purchase of weapons makes total sense," the prime minister added.

    The Commission proposal suggests 90% of the profits will be channelled through the European Peace Facility fund to buy weapons for Ukraine while the rest will be used for recovery and reconstruction.

    Mr De Croo said he had heard "only positive comments" from other leaders on the proposal so far, with wider debate on the idea scheduled for today's EU summit (more on this later).


 
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