Ukraine to Receive First One and a Half Billion Dollars of Seized Russian Funds
Euroclear announced it will transfer one and a half billion euros generated from frozen Russian funds to Ukraine by July 2024. This decision follows extensive talks among EU and G7 nations on using immobilized Russian assets. Russia condemns the move, warning of significant repercussions.
Euroclear, the Brussels-based depository and clearing house, has confirmed plans to transfer one and a half billion euros ($1.7 billion) generated from frozen Russian funds to Ukraine.
The distribution will occur in July 2024 as part of the European Fund for Ukraine, following an EU regulation on windfall contributions.
This move follows extended discussions among EU and G7 nations on utilizing Russia's central bank funds, which were immobilized due to Ukraine-related sanctions.
During the first half of 2024, these assets produced 3.4 billion euros ($3.7 billion) in interest.
After taxes, 1.7 billion euros ($1.85 billion) remain, with 836 million euros ($910 million) allocated to Belgium in corporate taxes and the rest reserved for potential risks.
The EU's total immobilized Russian sovereign assets amount to approximately 210 billion euros ($229 billion).
Earlier, the EU Foreign Affairs Council confirmed that part of these windfall profits would fund Ukraine's ammunition and air-defense systems, while additional installments will be sent by the year's end.
Russia has strongly condemned the measure, calling it 'theft' and warning of international financial repercussions.
The distribution will occur in July 2024 as part of the European Fund for Ukraine, following an EU regulation on windfall contributions.
This move follows extended discussions among EU and G7 nations on utilizing Russia's central bank funds, which were immobilized due to Ukraine-related sanctions.
During the first half of 2024, these assets produced 3.4 billion euros ($3.7 billion) in interest.
After taxes, 1.7 billion euros ($1.85 billion) remain, with 836 million euros ($910 million) allocated to Belgium in corporate taxes and the rest reserved for potential risks.
The EU's total immobilized Russian sovereign assets amount to approximately 210 billion euros ($229 billion).
Earlier, the EU Foreign Affairs Council confirmed that part of these windfall profits would fund Ukraine's ammunition and air-defense systems, while additional installments will be sent by the year's end.
Russia has strongly condemned the measure, calling it 'theft' and warning of international financial repercussions.
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