Euroclear plans to seize and redistribute about 3 billion euros ($34 billion) of Russian funds that were frozen in the company in Belgium.
UNN reports with reference to Reuters.
Details
Europe will transfer 3 billion euros ($34 billion) of frozen Russian funds to Western investors, the news agency reports. This step marks a new level of response from Europe in the context of relations with Russia.
Euroclear (an international company based in Belgium that provides financial services - ed.) will redistribute 3 billion euros from a pool of 10 billion euros in cash owned by Russian organizations and individuals sanctioned by the European Union after Russia's full-scale invasion of Ukraine in 2022.
According to Reuters, these billions of euros will be used to compensate Western investors after Moscow withdrew cash stored in Russia in recent months. This was reported by three people, the material says.
Reference
The European Union has frozen hundreds of billions of Russian assets, including central bank reserves, after Russia's large-scale invasion of Ukraine in February 2022. Euroclear owns the lion's share of Russian assets in Europe that are under sanctions, more than 180 billion euros.
The return of this money is important for Russia and has caused about 100 lawsuits against Euroclear.
In 2024, Moscow warned that it would take retaliatory measures if its frozen assets were seized and used in the interests of Ukraine.
In recent months, Moscow has seized 3 billion euros in cash that Euroclear held in a depository in Russia to compensate Russian investors affected by Western sanctions, two sources said.
Addition
Europe's decision to unblock frozen Russian assets in Europe for investors is viewed critically by some.
To seize Russian assets and give them to Western investors would be morally reprehensible
Recall
The Verkhovna Rada appealed to foreign countries to increase assistance to Ukraine, in particular, to strengthen air defense, invest in defense and use frozen Russian assets.