EU plans to access frozen Russian assets – Reuters
Approximately $3.4 billion is expected to be redistributed to Western investors whose funds have been stranded in Russia. Belgium-based clearing house Euroclear is preparing to redistribute around €3 billion of frozen Russian assets, as reported...
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Approximately $3.4 billion is expected to be redistributed to Western investors whose funds have been stranded in Russia.
Belgium-based clearing house Euroclear is preparing to redistribute around €3 billion of frozen Russian assets, as reported by Reuters on Friday. This capital is intended to compensate Western investors whose investments have been immobilized in the country.
The Kremlin has continuously asserted that such moves would constitute “theft,” violating international law.
In the wake of the escalation of the Ukraine conflict in February 2022, several Western nations froze an estimated €264 billion in Russian sovereign and private funds. Currently, around €200 billion of these assets are held by Euroclear, which has accrued significant interest—€1.55 billion of which was transferred to Ukraine in July 2024.
Euroclear is set to distribute €3 billion from a total pool of €10 billion in cash belonging to Russian entities and individuals that have been blacklisted by the EU under Ukraine-related sanctions, according to two sources familiar with the matter.
“We received authorization from our competent authority to unfreeze the compensation amounts and make these available to our participants,” cited a briefing document dated April 1, according to Reuters.
The agency noted that recent changes to the bloc’s sanctions framework, implemented late last year, permit these disbursements to Western investors.
In related news, Moscow has reportedly seized €3 billion held by Euroclear at a depository in Russia to compensate Russian investors impacted by sanctions imposed by the West.
Russian Finance Minister Anton Siluanov indicated in November that Moscow plans to utilize the income from the frozen assets of Western investors as a countermeasure to the West's actions.
For over three years, the topic of confiscating frozen Russian assets has been under discussion among EU lawmakers, but member states have yet to reach an agreement. EU foreign policy chief Kaja Kallas has advocated for tapping into these funds to assist in Ukraine’s reconstruction efforts, although she acknowledged last month that some member states remain opposed to this initiative.
According to one source, the Russian authorities have initiated approximately 100 court actions against Euroclear; however, details regarding the status of these actions have not been disclosed.
Moscow has condemned the asset freeze, arguing that it breaches international law and disrupts the global financial system. The Kremlin has previously announced its intention to pursue legal action against those involved in the seizure of its assets.
Mark B Thomas for TROIB News
Belgium-based clearing house Euroclear is preparing to redistribute around €3 billion of frozen Russian assets, as reported by Reuters on Friday. This capital is intended to compensate Western investors whose investments have been immobilized in the country.
The Kremlin has continuously asserted that such moves would constitute “theft,” violating international law.
In the wake of the escalation of the Ukraine conflict in February 2022, several Western nations froze an estimated €264 billion in Russian sovereign and private funds. Currently, around €200 billion of these assets are held by Euroclear, which has accrued significant interest—€1.55 billion of which was transferred to Ukraine in July 2024.
Euroclear is set to distribute €3 billion from a total pool of €10 billion in cash belonging to Russian entities and individuals that have been blacklisted by the EU under Ukraine-related sanctions, according to two sources familiar with the matter.
“We received authorization from our competent authority to unfreeze the compensation amounts and make these available to our participants,” cited a briefing document dated April 1, according to Reuters.
The agency noted that recent changes to the bloc’s sanctions framework, implemented late last year, permit these disbursements to Western investors.
In related news, Moscow has reportedly seized €3 billion held by Euroclear at a depository in Russia to compensate Russian investors impacted by sanctions imposed by the West.
Russian Finance Minister Anton Siluanov indicated in November that Moscow plans to utilize the income from the frozen assets of Western investors as a countermeasure to the West's actions.
For over three years, the topic of confiscating frozen Russian assets has been under discussion among EU lawmakers, but member states have yet to reach an agreement. EU foreign policy chief Kaja Kallas has advocated for tapping into these funds to assist in Ukraine’s reconstruction efforts, although she acknowledged last month that some member states remain opposed to this initiative.
According to one source, the Russian authorities have initiated approximately 100 court actions against Euroclear; however, details regarding the status of these actions have not been disclosed.
Moscow has condemned the asset freeze, arguing that it breaches international law and disrupts the global financial system. The Kremlin has previously announced its intention to pursue legal action against those involved in the seizure of its assets.
Mark B Thomas for TROIB News
