Ukrainian fund to receive more than EUR 1.5B from frozen Russian assets in July 2024

This month Belgium-based clearinghouse Euroclear will transfer the first proceeds from frozen Russian assets to the European Fund for Ukraine.

The relevant statement was made on Euroclear’s website, an Ukrinform correspondent reports.

“In addition to delivering a robust underlying business performance, Euroclear continues to diligently implement the international sanctions on Russian assets. Euroclear is also complying with its important obligations to put the windfall contribution into effect and will soon make a first payment of EUR 1.55 billion to the European Fund for Ukraine,” Euroclear CEO Valerie Urbain noted.

According to Euroclear, this adds to the EUR 836 million of corporate taxes to be paid to the Belgian State on the profits related to the Russian assets in January-June 2024.

At the end of June 2024, Euroclear Bank’s balance sheet totaled EUR 207 billion, of which EUR 173 billion relate to sanctioned Russian assets.

A reminder that Japan is arranging to shoulder USD 3.3 billion in loans to Ukraine as part of support to be provided by Group of Seven members utilizing interest from Russian sovereign assets frozen as part of their sanctions over Moscow’s invasion of the neighboring state.