On 14 December, Ukrainian and Belgian activists gathered in front of Euroclear’s headquarters in Brussels for a symbolic action, bringing a Christmas tree made of blood-covered banknotes to denounce the continued blocking of a reparations loan for Ukraine secured by frozen Russian state assets.
Instead of Christmas, Ukrainian children are receiving bombs, burns, and lifelong trauma. While children in Ukraine spend winter nights under missile attacks, Belgian politician Maxime Prévot publicly stated: “We have to defend Euroclear.”
At the same time, Euroclear — the Belgian-based financial institution holding the bulk of frozen Russian central bank assets — has generated enormous profits from these funds. According to publicly reported data, Euroclear earned approximately €4.4 billion in profits from frozen Russian assets in 2023 alone. These profits are taxed in Belgium, benefiting the Belgian state, while Ukraine continues to pay the price of Russia’s war in human lives.
According to the United Nations Human Rights Office, at least 669 Ukrainian children have been killed and 1,833 injured since Russia’s full-scale invasion — with the true toll likely much higher. Many are suffering severe burns, amputations, and permanent disabilities.
Instead of prioritising the protection of children and civilian lives, Belgian authorities continue to focus on shielding a financial institution from legal and financial risks, effectively blocking a mechanism that could strengthen Ukraine’s defence and Europe’s security.
“As a father, I cannot stand by while Ukrainian children are murdered and deported by Russia. Belgium has a moral choice to make: protect Russian money, or protect Ukrainian children”, – said Antonio Albaladejo Román, who lives in Brussels.
This action demands that Belgium and Euroclear stop choosing the protection and profits of financial institutions as their core value, and instead work to protect Ukrainian and European children from Russian aggression.
We demand that:
- Belgium and Euroclear immediately stop blocking the reparations loan for Ukraine, enabling frozen Russian assets to be used for Ukraine’s defence, security, and recovery.
- Belgium and Euroclear cease prioritising institutional profits and self-protection, and instead commit to safeguarding children, civilians, and Europe’s collective security.
- Decisions should be guided by the protection of human life and the future of children, not by the financial interests of institutions profiting from Russia’s war.
Contact for media: Vlada Dumenko, +380934094889
