Late concession by Belgium paved way for deal on using profits to buy ammo for Kyiv’s war effort.
The EU approved a plan to use the profits generated by investing frozen Russian assets to buy weapons for Ukraine.
Ambassadors meeting in Brussels on Wednesday gave the go-ahead after Belgium signaled a climbdown on the way it treats tax revenue on the cash — the last major obstacle to deal.
The profits generated by investing Russia’s assets immobilized in Belgium— where a large part of the assets frozen in Europe are kept — are worth between €2.5 billion and €3 billion per year.
It’s a very dangerous game to play as this signals that investing in the Western monetary system means that your money can be used as a political weapon at any time. It takes away all the credibility of our banking system. Not just for Russia but also for China etc.
That was also the reason that until now we only froze the Russian assets and didn’t seize them. And it seems like this is only a seize of yearly profits, not of the actual assets.
Good, everyone should know that Europe doesn’t fuck around with Countries that commit war crimes