In July, Ukraine will receive the first €1.5 billion in proceeds from frozen Russian assets from Belgium, which will be used to purchase weapons.

Prime Minister Denys Shmyhal stated this during a government meeting.

According to him, the funds will be used to purchase the most necessary weapons, air defense equipment, and artillery shells.

In addition, part of these funds will be used to develop the Ukrainian defense industry.

“Another resource we expect is income from frozen Russian assets. The international depository Euroclear in Belgium, where a significant part of them is kept, promises to make the first installment of almost €1.5 billion this month,” Shmyhal said.

The Prime Minister emphasized that Ukraine insists on confiscating all Russian assets in the West and using them for the restoration and defense of our country.

Back in early March this year, Denys Shmyhal shared that Belgium was ready to use the money from frozen Russian assets in Belgium to finance Ukraine’s defense needs.

The official noted that the Belgian government was ready to finance Ukrainian defense contracts with these funds.

Most of Russia’s assets are represented by securities and investments. Of these, almost €200 billion are managed by the Belgian financial company Euroclear.

Belgium has imposed a 25% income tax on them, the proceeds of which are used to finance Ukrainian refugees (about €1.7 billion).

As previously reported, on May 21, the Council of the European Union approved the use of proceeds from frozen Russian assets to support Ukraine’s defense and reconstruction.

About 90% of the proceeds from the Russian Federation’s frozen assets will be directed to the European Peace Fund, which provides military assistance to Ukraine, including weapons. The remaining 10% will be used to provide other support to Ukraine.