War Balance

Sweden vs Belgium: support for Ukraine and trade with Russia since 2022

Sweden: Toward Ukraine by 3.7% of a year's GDP since 2022 (likely 2.9% to 4.7% toward Ukraine; very likely · >99%). Belgium: Toward Ukraine by 3.4% of a year's GDP since 2022 (likely 2.2% to 4.7% toward Ukraine; very likely · >99%).

Support for Ukraine in euros: Sweden €8.8bn, Belgium €5.8bn. More in euros: Sweden; more as a share of GDP: Sweden.

Sweden → Belgium →

These numbers measure money: aid to Ukraine and the change in what Russia keeps from trade, against a world without the war. Weapons count at their money value: aid at market value when delivered, weapons and troops sent to Russia at the seller's gain where Russia paid and in full where it did not. Votes, diplomacy and intent are not in them.

Side by side

#CountryNetSupport for UkraineRussia kept from trade, vs no warRussian money frozen (return lost)Paid Russia since 2022
Sweden+3.7%+€20.1bn · +€1,903 per personlikely 2.9% to 4.7% toward Ukrainevery likely · >99%+€8.8bn+1.6% of GDPvery likely · >99%€10.6bn less1.9% of GDP lessvery likely · >99%€0.71bn0.13% of GDP€4.1bn0.76% of GDP
Belgium+3.4%+€20.3bn · +€1,708 per personlikely 2.2% to 4.7% toward Ukrainevery likely · >99%+€5.8bn+0.97% of GDPvery likely · >99%€3.7bn less0.62% of GDP lesslikely toward Ukraine · 79%€10.8bn1.8% of GDP€24.7bn4.2% of GDP

Each row: the best estimate, then its range and the chance of its direction, as in the country's panel.

What makes up each number

MeasureSwedenBelgium
Government aid to Ukraine+€6.6bn+1.2% of GDP+€1.7bn+0.29% of GDP
Share of EU aid to Ukraine+€1.7bn+0.31% of GDP+€2bn+0.33% of GDP
Cost of hosting refugees from Ukraine+€0.82bn+0.15% of GDP+€2bn+0.34% of GDP
Other countries' aid to Ukraine spent here−€0.30bn−0.06% of GDP−€5m<0.01% of GDP
Aid to Ukraine spent at home−€0.13bn−0.02% of GDP−€5m<0.01% of GDP
Private donations to Ukraine+€0.11bn+0.02% of GDP+€0.13bn+0.02% of GDP
Share of IMF and World Bank lending to Ukraine+€26m<0.01% of GDP+€32m<0.01% of GDP
Aid spent here on energy, relief and rebuilding−€14m<0.01% of GDP–
Refugee spending kept in the host economy−€7m<0.01% of GDP−€23m<0.01% of GDP
Purchases from Ukraine vs no war+€5m<0.01% of GDP−€4m<0.01% of GDP
Extra services sold to Ukraine−€2m<0.01% of GDP−€7m<0.01% of GDP
Russia's gain on fuel and goods it sold+€3.9bn+0.71% of GDP+€4.7bn+0.80% of GDP
Company profits in Russia+€2.5bn+0.46% of GDP+€98m+0.02% of GDP
Company taxes paid in Russia+€2.4bn+0.44% of GDP+€89m+0.01% of GDP
Russian oil bought via other countries+€1.8bn+0.33% of GDP+€1.9bn+0.33% of GDP
Sellers' gain on sales to Russia+€0.13bn+0.02% of GDP+€1m<0.01% of GDP
Profits of Russian-owned companies abroad−€80m−0.01% of GDP+€31m<0.01% of GDP
Extra price Russia paid because of sanctions−€46m<0.01% of GDP−€81m−0.01% of GDP
Services sold to Russia+€30m<0.01% of GDP+€7m<0.01% of GDP
Shipping and insuring Russian oil−€23m<0.01% of GDP−€51m<0.01% of GDP
Services bought from Russia+€2m<0.01% of GDP+€11m<0.01% of GDP
Russia's gain from war-time fuel prices–−€3.1bn−0.52% of GDP
Frozen Russian central bank reserves€0.46bn0.08% of GDP€7.4bn1.2% of GDP
Frozen Russian private assets€0.25bn0.05% of GDP€3.4bn0.57% of GDP

+ toward Ukraine, − toward Russia

Year by year

YearCountrySupport for UkraineTrade: toward Ukraine (+) / toward Russia (−)Russian money frozenNet
2022Sweden+€1.2bn+€2.0bn+€52m+€3.2bn
Belgium+€901m−€2.0bn+€752m−€384m
2023Sweden+€1.5bn+€2.4bn+€227m+€4.1bn
Belgium+€1.3bn+€1.4bn+€3.4bn+€6.1bn
2024Sweden+€1.6bn+€2.4bn+€196m+€4.2bn
Belgium+€1.5bn+€1.8bn+€3.0bn+€6.3bn
2025Sweden+€2.4bn+€2.1bn+€148m+€4.6bn
Belgium+€1.3bn+€870m+€2.3bn+€4.4bn
2026*Sweden+€2.1bn+€1.7bn+€88m+€3.9bn
Belgium+€818m+€1.6bn+€1.4bn+€3.8bn

Each year's amount: + toward Ukraine, − toward Russia. *2026: to August.

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Cite as: War Balance, figures to August 2026, https://warbalance.org/compare/sweden-vs-belgium/