According to the results of the first half of 2024, Euroclear received €3.4 billion in interest income from investing in frozen Russian assets.
Points of attention
- The European Commission intends to provide Ukraine with a $50 billion loan package, utilizing profits from frozen Russian assets.
- Thanks to these funds, Ukraine can obtain additional resources for economic development and increased financial stability.
- The European Commission's plans aim to quickly resolve the issue of receiving funds from the Russian Federation's frozen assets to help Ukraine in a difficult situation.
Euroclear received €3.4 billion in revenues from Russia's frozen assets for the first half of 2024
The international depository Euroclear will make the first contribution of approximately €1.55 billion to the European Fund for Ukraine in July of this year, as reported in the company's report published on Friday, July 19.
According to the results of the first half of 2024, Euroclear received €3.4 billion euros in the form of interest income from the investment of blocked Russian assets. For comparison, in 2023 these revenues amounted to about €4.4 billion euros, in 2022 - €821 million euros.
Cumulative interest income of Euroclear in January-June this year amounted to €4 billion. The company will also pay taxes on income from Russian assets in January-June for €836 million.
Thus, Euroclear's net profit, which is based on the frozen assets of the Central Bank of the Russian Federation, for the first half of the year amounted to €760 million.
EU prepares loan plan for Ukraine from revenues of Russia's frozen assets
The European Commission soon plans to present a plan for a loan package to Ukraine of $50 billion secured by profits from the frozen assets of the Russian Federation.
According to the information of the Ministry of Economy of Ukraine with reference to the statement of the European Commissioner for Economy Paolo Gentiloni, all legislative initiatives to provide Ukraine with a number of loans at the expense of profits from the frozen assets of the Russian Federation should be completed by the end of the current year.
The initial moment of this process is very urgent. That is why, and also because of the G7 summit next week, the commission is working intensively to bring the proposal for discussion as soon as possible, that is, very soon, Gentiloni emphasized.
