Euroclear to transfer €1.55 billion of proceeds from frozen Russian assets to fund for Ukraine

In July 2024, the international depository Euroclear will make the first contribution of approximately €1.55 billion to the European fund for Ukraine. 

Source: the company's report, Interfax-Ukraine reports 

Details: In the first half of 2024, Euroclear received €3.4 billion in interest income from investing blocked Russian assets. 

In 2023, this income was about €4.4 billion, and in 2022, it was €821 million. 

Euroclear's total interest income in January-June this year was €4 billion. 

The company will also pay taxes on income received from Russian assets in January-June in the amount of €836 million. 

As a result, Euroclear's net profit relating to the frozen assets of the Central Bank of the Russian Federation for the first half of the year was €760 million. 

The agency reports that Euroclear's balance sheet at the end of June 2024 was €207 billion, of which €173 billion were Russian assets under sanctions. 

Background: Ukraine remains committed to seize all frozen Russian assets, stating that US$50 billion is simply the beginning.

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