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International depository Euroclear will transfer 1.55 billion euros of interest income from frozen Russian assets to the European Ukraine Fund in July. This was reported in a company press release.
In the first half of this year alone, Euroclear earned €3.4 billion in interest income from managing frozen Russian assets.
In addition to the payment to the Ukrainian Eurofund, Euroclear will pay 836 million euros in taxes to Belgium on profits from frozen assets. The company will retain the rest of the profits as a buffer against current and future risks.
As a result of the sanctions, coupon payments and redemptions of sanctioned entities are frozen and continue to accumulate on the balance sheet of Euroclear Bank. As of the end of June 2024, there were 207 billion euros on the balance sheet, of which 173 billion euros were sanctioned Russian assets.
In May 2024, the European Commission adopted new rules for central securities depositories holding Russian Central Bank assets with a total value of more than EUR 1 million, requiring that the profits from the reinvestment of these sanctioned funds must be allocated to the European Ukraine Fund from February 15, 2024.
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