The EC has frozen USD 207 bln of Russian assets. The EC commissioner for justice stated that discussions are ongoing regarding the possibility of using the proceeds from these frozen Russian assets to aid in Ukraine’s restoration. Since October 2022, the legal service of the EU council has been working on developing a mechanism that would enable the use of blocked assets from the Bank of Russia for Ukraine’s reconstruction. Belgian PM Alexandre de Croo noted that 90% of Russia’s frozen European assets are held in his country due to the Euroclear depository’s base in Belgium.