The European fund for Ukraine is set to receive its first significant financial boost this month, as Euroclear, a Belgium-based clearinghouse, announced plans to transfer €1.55 billion from frozen Russian assets.
Valérie Urbain, CEO of Euroclear, emphasized the company’s strong business performance and commitment to enforcing international sanctions on Russian assets.
She noted that Euroclear is adhering to its significant obligations and will soon transfer the initial payment of €1.55 billion to the European fund for Ukraine.
Additionally, Euroclear will contribute €836 million in corporate taxes to the Belgian state, derived from profits related to Russian assets from January to June 2024.
As of the end of June 2024, Euroclear’s total balance sheet stood at €207 billion, with €173 billion tied to Russian assets under sanctions.
In a related move, Japan is arranging loans worth $3.3 billion to Ukraine.
This support, part of the G7 industrialized nations’ aid package, will utilize interest from frozen Russian sovereign assets as part of their sanctions against Moscow due to its war on Ukraine.
