Major EU clearing house, Belgium-based Euroclear, has revealed that it accrued nearly $2 billion in profit from frozen Russian assets in the first half of 2023.
In financial results for the first six months of this year, Euroclear reported “a substantial growth in operating income” driven partly by “higher interest earnings, including a material rise linked to the application of international sanctions on Russia.”
According to data published by Euroclear on Thursday, Russian assets generated more than €1.7 billion ($1.9 billion) in interest between January and June.
It’s estimated that Euroclear is holding €196.6 billion (nearly $220 billion) worth of Russian assets, the vast majority of which is owned by the country’s central bank. In total, the EU has frozen €207 billion (more than $231 billion) of Russian assets and reserves since the beginning of Moscow’s military operation in Ukraine.
EU leaders have repeatedly called for the funds to be used ‘to rebuild’ Ukraine, however no decision has been made so far due to the complexity of the issue and concerns that any such move would undermine the euro and lead to a rethink among reserve holders.
Moscow has called the Western attempts to transfer the seized assets to Ukraine “barbarism,” and “theft” that violates international law, while the Kremlin has warned that Russia will respond in kind if necessary.
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