Investment bank Euroclear has transferred more than 3.5 billion euros in profits from frozen Russian assets to the European Fund for Ukraine in 2024, according to a financial report released on February 5.
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| Euroclear is estimated to hold 196.6 billion euros (nearly 220 billion USD) worth of Russian assets. (Source: Wiki) |
The money, which is earned from interest on frozen Russian assets, will be used to buy weapons and finance military training programs run by the European Union (EU).
Since the outbreak of the Russia-Ukraine conflict in February 2022, about $300 billion in Russian state-owned assets have been frozen by Ukraine's allies, including the United States and the European Union (EU).
The bulk of these assets are now managed by the Brussels-based investment bank Euroclear. The use of profits from frozen Russian assets is the result of a compromise between the EU and the US.
Initially, Washington proposed seizing all Russian assets to support Ukraine, but this plan met with strong opposition from Moscow.
About 90% of Russian assets in the EU are currently held by the Belgium-based international financial company Euroclear. Russia cannot access the frozen assets, but they still belong to Moscow and continue to generate interest, but this interest is not transferred to Russia.
The G7 agreed in June 2024 to use profits from frozen Russian assets as collateral to lend Ukraine $50 billion. Of this, the EU will contribute about $19 billion, the US has pledged $20 billion, and the UK, Canada and Japan will provide the rest.
Ukraine announced late last year that it had received the first tranche of $1 billion from the United States under the initiative.
Ukraine is calling on Western countries to take stronger action and transfer to it all of Russia’s globally frozen assets, estimated at $300 billion. However, the US and its allies have not responded.
The Kremlin has repeatedly condemned the freezing of assets and their use as collateral for loans to Ukraine as "theft." Kremlin spokesman Dmitry Peskov also said Moscow would take appropriate legal action against those involved in the decision to seize Russian assets in the West.
Source: https://baoquocte.vn/mot-ngan-hang-o-bi-chuyen-hon-35-ty-euro-tu-tai-san-bi-dong-bang-cua-nga-cho-ukraine-303322.html
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