The first payout to Ukraine from interest generated by Moscow’s frozen funds will be made this month, the EU-based depository has said
Brussels-based depositary and clearing house Euroclear has confirmed that it will confiscate interest generated by the frozen Russian funds that it holds and will transfer the money to Ukraine.
“In July 2024, Euroclear will make a first payment of €1.55 billion to the European Fund for Ukraine following the recent implementation of the EU regulation on the windfall contribution,” Euroclear said in a statement on Friday.
It follows months of deliberations among EU and G7 nations about how to use billions of dollars belonging to Russia’s central bank that were immobilized as part of Ukraine-related sanctions.
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