Ecolo call for Russian assets to be confiscated for European defence funding

Ecolo call for Russian assets to be confiscated for European defence funding
Ecolo co-chairman Samuel Cogolati pictured during the traditional new year's reception of French-speaking party Ecolo, in Brussels, Monday 20 January 2025. BELGA PHOTO HATIM KAGHAT

Ecolo are demanding the confiscation of frozen Russian assets in Europe, particularly in Belgium, to fund an ambitious European defence plan and set aside provisions for reconstructing Ukraine.

According to the Greens, this is the only option that will not burden European taxpayers. Since the beginning of the large-scale invasion of Ukraine, Belgium has been at the forefront of financial sanctions.

Brussels is home to Euroclear, a key player in the international financial system, where frozen Russian assets amount to €258 billion.

Last year, the European Union agreed to use the income from these assets to fund a loan to Ukraine. On 10 January, the first tranche of €3 billion out of a total of €18.1 billion was disbursed.

In Belgium, the previous government allocated €1.7 billion from corporate tax on Euroclear to the Ukraine fund. On the eve of a European summit focused on Ukraine and Defence, Ecolo believes it is time to take further action.

Despite being frozen, these assets still belong to Russia. The Greens, along with other European voices, are calling for their confiscation. "We cannot be content with merely collecting taxes on dirty money," explained co-president Samuel Cogolati.

"We must decide: leave this money frozen until the end of the war so that the Putin regime and the oligarchs can reclaim it and use it against us, or act now, making this seizure a new asset for Ukraine in possible peace negotiations and ensuring justice for the victims of Putin’s war of aggression?"


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