According to the major Belgian clearinghouse press release, Euroclear will transfer €1.55 billion in interest from frozen Russian assets to the European Fund for Ukraine in July 2024.
The West holds around $300 billion of frozen Russian central bank assets worldwide, most of which are in the European Union. Discussions on using this money for Ukrainian aid and reconstruction are ongoing.
“In addition to delivering a robust underlying business performance, Euroclear continues to diligently implement the international sanctions on Russian assets. Euroclear is also complying with its important obligations to put the windfall contribution into effect and will soon make a first payment of €1.55 billion to the European Fund for Ukraine,” said Valerie Urbain, Chief Executive Officer of Euroclear.
Euroclear clearinghouse will also pay Belgium €836 million in corporate taxes from profits of Russian assets for the first six months of this year. As of the end of June 2024, Euroclear Bank’s balance sheet stood at €207 billion, of which €173 billion pertained to Russian assets that have been sanctioned.
Earlier, European Commission President Ursula von der Leyen also said that the first €1.5 billion in revenue from frozen Russian assets would be transferred to Ukraine as early as July, in line with international law and while ensuring financial market stability.
Speaking at the Ukraine Recovery Conference 2024 in Berlin on 11 June, Ursula von der Leyen stated that 90% of the funds will be allocated to defense, while the remaining 10% will be directed towards reconstruction efforts in Ukraine.
Related:
- Financial Times: Orbán holds up Ukraine arms funding from frozen Russian assets
- Germany ready to use revenues from frozen Russian assets for Ukraine aid, ministry sources told Reuters
- The $ 300 billion question: Why the West does not confiscate Russian frozen assets despite Ukraine war
- How Ukraine could spend $ 300bn in frozen Russian assets to win the war
