Euroclear depository reported receiving EUR 3 billion in revenues from frozen assets of Russian Federation
The international depository Euroclear reported receiving about 3 billion euros in interest income from frozen Russian assets.
This is stated in Euroclear's report on financial results for 9 months of 2023, Censor.NET reports with reference to Economic Pravda.
According to the depository, the profit from Russian assets was due to two factors: high-interest rates and the amount of money that Euroclear is required to invest.
Therefore, future profits will depend on changes in rates and the size of invested funds against the background of the developing sanctions regime. At the same time, Euroclear expects that the growth of the monetary balance "will begin to stabilize" as the rate of accumulation of blocked payments and repayments decreases.
As Bloomberg notes, these updated data are likely to intensify discussions in the EU regarding the proposal to introduce a tax on profits from the investment of Russian assets and transfer the proceeds to the reconstruction of Ukraine.
On Thursday, a two-day summit begins in Brussels, where this issue, among other topics, will be discussed. The head of the European Commission, Ursula von der Leyen, promised to present the plan in the summer, but this did not happen.
According to Politico, the European Union postponed the decision to introduce a special tax due to the disagreement of several members of the bloc, including Germany and France. In total, more than 200 billion euros of assets of the Russian Central Bank are blocked in EU countries, most of them are kept in the Belgian clearing bank Euroclear.
