Key Highlights:
Contribution Details: In July 2024, the international depository Euroclear will transfer approximately €1.55 billion to the European fund dedicated to Ukraine. This marks the first such contribution from the company.
Interest Income: In the first half of 2024, Euroclear earned €3.4 billion in interest income from investing blocked Russian assets. For context, the company earned €4.4 billion in 2023 and €821 million in 2022 from these assets.
Financial Performance: Euroclear's cumulative interest income for January to June 2024 amounted to €4 billion. The company will pay €836 million in taxes on income derived from Russian assets for the same period. Consequently, the net profit from these frozen assets for the first half of the year was €760 million.
Balance Sheet Overview: As of the end of June 2024, Euroclear's balance sheet stood at €207 billion, with €173 billion comprising Russian assets under sanctions.
Conclusion
The significant transfer of €1.55 billion to the European fund for Ukraine underscores Euroclear's role in managing and reallocating funds from frozen Russian assets. This contribution is a crucial step in supporting Ukraine amidst ongoing challenges.
