European Business Thrives Despite the Russian War

by Meifan Honcharuk
Thursday, November 2, 2023
European Business Thrives Despite the Russian War

For 9 months, "Euroclear" received €3 billion in interest income from russian frozen assets

European countries froze bank accounts, villas, yachts and cars of the russian VIPs due to the large-scale war against Ukraine. The Euroclear report on financial results for 9 months of 2023: it has a profit from seized russian assets of almost €3 billion. These funds are the interest income received through rates and the amount of cash that Euroclear is obliged to invest.

"Given the substantial income related to frozen assets, Euroclear will continue to separate the russian sanction-related earnings from the underlying financial results," Euroclear site.

The direct costs of the international depository to manage and impose sanctions on the aggressor's assets amount to €34 million. However, institutions will continue to work to minimise losses.

"Euroclear is focused on minimising potential legal, technical, and operational risks that may arise for itself and its clients from the implementation of any proposals from the European Commission. The company continues to act in a transparent manner with all authorities involved and to retain profits related to the russian sanctions until the situation becomes clearer."

Photo by Euroclear.

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