The amount of frozen Russian assets in the Euroclear depository (Belgium) stands at €183 billion. From the income generated, Ukraine will receive another tranche of €2 billion in March 2025.
This was reported by Euroclear.
"After retention of a 10% share of the windfall contribution to comply with capital and risk management requirements, Euroclear made a first payment of approx. €1.55 billion to the European Fund for Ukraine in July 2024. A second payment is expected to take place in March 2025 and should amount to approx. €2 billion," the statement said.
The depository noted that Russia's invasion of Ukraine in February 2022 led to the implementation of international sanctions across the entire market. Euroclear considers the application of international sanctions to be a key commitment.
"As a result of the sanctions, blocked coupon payments and redemptions owed to sanctioned entities continue to accumulate on Euroclear Bank's balance sheet. At the end of December 2024, Euroclear Bank's balance sheet totalled €212 billion, of which €183 billion relate to sanctioned Russian assets," the statement reads.
In 2024, interest accrued on the funds from assets under sanctions against Russia amounted to approximately €6.9 billion.
Subject to Belgian corporate tax, these earnings generated €1.7 billion tax revenue for the Belgian State. As such, future earnings will be influenced by the evolving interest rate environment.
Additionally, Euroclear withheld 10% of this amount to comply with capital and risk management requirements.
"Gradual rate cuts have led to a gradual decline in interest income related to the Central Bank of Russia's assets in 2024 with the outlook for future interest earnings likely to continue to decline though dependent on future policymaking decisions," the statement said.
Euroclear is one of the largest international clearing and depository systems, providing clearing and settlement of securities. It specializes in settlement for financial instrument transactions, their safekeeping, and managing corporate actions.
