Belgium to Use Tax Revenue From Frozen Russian Cash for Kyiv

Belgium will invest €1.7 billion next year to assist Ukraine by drawing on its own tax revenue from frozen Russian assets, Prime Minister Alexander De Croo said, as the European Union mulls a broader windfall levy on profits from the sanctioned cash.

Most of the frozen Russian central bank assets — now more than €200 billion — are held in Europe, with the bulk of them at settlement giant Euroclear SA in Belgium. Those proceeds are subject to a 25% corporate tax in Belgium.