What will the proceeds from the frozen assets of Russians be used for
Kyiv • UNN
90% of the frozen Russian assets worth about €192 billion held in the Belgian securities depository Euroclear will be used to support Ukraine, while the remaining 10% will go to the EU, leaving a significant portion of the total €220 billion of frozen Russian assets in the EU financial system unused.
90% of the frozen assets will be used to support Ukraine and the rest will be used for EU needs, limited to only a fraction of the assets, which amount to €192 billion out of a possible €220 billion in the EU system, leaving a significant amount unused.
This was stated by Deputy Head of the Presidential Office Iryna Mudra during a telethon, UNN reports .
The amount of income from frozen Russian assets will amount to 2.5 to 3 billion euros per year. We are talking about 90% of the amount that will remain after Euroclear's deduction for the management of these revenues in the amount of 0.3% of the amount and 10% goes to the budget of the European Union and can be used for humanitarian needs
She notes that the European Union's plan offered neutral countries, such as Austria, Ireland, Malta, and Cyprus, the opportunity to refuse to buy weapons and limit themselves to providing humanitarian aid.
Of course, such an agreement is better than nothing, but it would be better for Ukraine if such income could be transferred from Russian assets held in all EU financial institutions, not just Euroclear
According to her, the decision concerns only 192 billion euros currently held by Euroclear, a Belgian securities depository. At the same time, at least 220 billion euros are stored in the EU financial system.
Such revenues would include the 5.2 billion euros that Euroclear received from the use of this money in 2022 and 2023. That is, the amount of almost two years of income remains for their needs as a buffer, to cover the theoretical, legal risks that, according to Euroclear, they expect from Russia
Recall
Since the beginning of 2024, Euroclear, the European depository, has received €1.6 billion in interest income from more than €200 billion of frozen Russian assets.
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