The international depository Euroclear will transfer approximately €1.55 billion ($1.69 billion) to a European fund for Ukraine in July 2024.
This was reported by the Euroclear press service.
According to the first half-year results of the current year, Euroclear received €3.4 billion ($3.7 billion) in interest income from investing blocked Russian assets. Last year, this figure was €4.4 billion ($4.79 billion), and in 2022 it was €821 million ($893 million).
The company will pay taxes on the income earned from Russian assets from January to June, amounting to €836 million ($910 million).
The interest income of the international depository for the half-year was €4 billion ($4.35 billion), resulting in a net profit related to Russia's frozen assets of €760 million ($827 million) for the first half of the year.
Financial impacts of the Russian assets in H1 2024
- The Russian sanctions continue to have a significant impact on Euroclear’s earnings. €3.4 billion of the €4 billion interest income generated relate to Russian sanctioned assets.
- Applicable to CBR assets dating from 15 February 2024 onwards, the newly introduced EU windfall contribution after tax amounts to €1.7 billion. Euroclear will make a first payment of €1.55 billion* to the European Fund for Ukraine.
- The remainder of the profits related to sanctioned assets are being put aside as an important buffer against current and future risks.
- The sanctions and Russian countermeasures resulted in direct costs of €48 million and a loss of business income of €13 million.
