Euroclear earns over €4 billion from frozen russian assets
Kyiv • UNN
Euroclear continues to separate the gains related to the Russian sanctions from the underlying financial results and retains these gains until further guidance is received on the allocation or management of such gains.
In 2023, the international depository Euroclear received about 4.4 billion euros in interest income from russian assets frozen due to sanctions. This is stated in a press release of the depository, UNN reports .
Details
It is noted that, taking into account the Belgian corporate tax, these profits will generate 1.09 billion euros in tax revenues for the Belgian state.
According to the press release, the depository's net interest income last year amounted to EUR 5.5 billion, of which EUR 4.4 billion was attributable to interest related to the sanctioned assets of the Russian Federation.
At the same time, Russian sanctions and countermeasures resulted in direct costs of EUR 62 million and a loss of business profit of EUR 24 million.
Euroclear continues to separate the gains related to the Russian sanctions from the underlying financial results and retains these gains until further guidance is received on the allocation or management of such gains
Addendum
In October 2023, Belgium announced that it would create a special €1.7 billion Ukrainian fund to receive revenues from taxes on income from frozen Russian assets, primarily in Euroclear.
In total, about 200 billion euros of assets of the Russian central bank have been frozen in the EU. They are primarily concentrated in the European depository Euroclear.
Recall
The Political Affairs Committee of the Parliamentary Assembly of the Council of Europe (PACE) has adopted a draft resolution on the confiscation of frozen Russian assets and their use to support Ukraine's recovery.
