Euroclear to transfer $1.69 billion from Russian assets to Ukraine fund
Illustrative photo (Getty Images)
In July 2024, the international depository Euroclear will transfer approximately €1.55 billion ($1.69 billion) to the European fund for Ukraine, according to Euroclear's press service.
According to the results of the first half of the current year, Euroclear received €3.4 billion ($3.7 billion) in interest income from investing blocked Russian assets. Last year, this figure was €4.4 billion ($4.79 billion), and in 2022, it was €821 million ($893 million).
Specifically, the company will pay taxes on the income generated from Russian assets during January-June. The amount of these taxes is €836 million ($910 million).
The international depository's interest income for the half-year was €4 billion ($4.35 billion), resulting in a net profit attributable to frozen Russian assets of €760 million ($827 million) for the first half of the year.
Frozen Russian assets
At the beginning of the full-scale invasion by Russian forces, the West froze Russian assets. This amounts to approximately $300 billion, although the exact sum is unknown. Ukraine has insisted on the transfer of these funds as compensation, but allies have been concerned about legal and reputational risks.
Recently, Ukraine's Defense Minister Rustem Umerov said that Ukraine will receive the first tranche from the profits of frozen Russian assets, amounting to €1.4-1.5 billion ($1.52 - 1.63 billion), at the beginning of August 2024.
