Brussels-based NGO Promote Ukraine has called on Belgium to unfreeze Russian assets as a way to fund Ukrainian air defence.
In an open letter addressed to Prime Minister Alexander De Croo (Open VLD), the NGO outlines the need for reinforced military support at Ukraine's borders with Russia.
On 17 April, Russian attacks on the northern city of Chernihiv killed 17 Ukrainian civilians and injured more than 60. At the same, Russia is targeting energy systems and destroyed the Trypilska thermal power plant on 11 April, cutting off power for more than three million people.
A collective slowdown of aid to Ukraine is enabling the Russian offensive to make significant gains, the letter outlines. "Considering delays in the delivery of military aid by Western countries, both Ukrainian and foreign experts and political actors predict the upcoming large-scale offensive by the Russian army in the late spring or early summer," it explains.
Ukraine currently needs air defence systems, which Promote Ukraine acknowledges that Belgium is unable to provide. However, as President of the Council of the European Union, Belgium can create an EU coalition to carry out such an operation. In addition, it can turn to frozen Russian assets within Belgium to fund the project.
"Frozen assets can fill the gap of the lack of sustainable funding sources for military aid for Ukraine, as it was a major issue causing the delay and insufficient scope of support," the NGO argues, adding that defending Ukraine serves a larger European interest. "By investing in closing the Ukrainian sky, you invest in protecting your own."
Coveted funds
Conversations around frozen Russian assets in Belgium have been gathering pace for quite some time now. Out of €300 billion worth of frozen Russian assets across Europe, there is currently €66 billion in frozen funds and €190 billion in paused transactions here – a particularly large concentration due to the presence of Euroclear and other financial institutions in the country.
Russian oligarchs have even turned to an old Soviet treaty in an unsuccessful attempt to access the funds. Meanwhile, the pressure has been growing on Belgium to unfreeze the funds in service of Ukraine, which it plans to do from 2025.
On Wednesday, EU Member States agreed that excess profits gained from the assets in question would be used in the same way. "The money will be used to support Ukraine's recovery and military defence in the context of Russian aggression," the Belgian presidency announced on X.
🇺🇦 EU ambassadors agreed in principle on measures concerning extraordinary revenues stemming from Russia’s immobilised assets.
👉 The money will serve to support #Ukraine's recovery and military defence in the context of the Russian aggression. — Belgian Presidency of the Council of the EU 2024 (@EU2024BE) May 8, 2024
Alongside its demands, Promote Ukraine made sure to express gratitude toward Belgium for the support it has already provided to Ukraine: €111.19 million worth of humanitarian aid, €351.01 million in military aid, €30.9 million for recovery and reconstruction, participation in the Ukraine Fund 2024-2025 and training activities for F-16 pilots.
Promote Ukraine will hold a demonstration near federal parliament on 13 May to push the government to mobilise the frozen funds. It will also host another demonstration outside NATO headquarters on 16 May to ensure the institution continues it support for Ukraine.
