On 26 July 2024, Euroclear, the international depository, transferred to Ukraine the first installment of the proceeds of frozen Russian assets in the amount of almost €1.55 billion

This significant step is a clear manifestation of the international community's solidarity and an important contribution to supporting our country in times of war.

It is worth reminding that on 15 February 2024, the EU Council adopted a regulation obliging depositories such as Euroclear to hold and manage the proceeds of sanctioned assets separately from other funds.

 According to Euroclear's public report, in the first half of 2024, the depository received €3.4 billion in interest income from the investment of blocked Russian assets. Of this amount, the institution paid a tax of €836 million. After that, €1.7 billion in interest income was reserved for transfer to Ukraine. Euroclear made the first payment to the European Peace Fund of €1.55 billion. The rest of the profit, namely about €150 million, was kept by the depository on its account to protect against current and future risks, - comments Svitlana Gordienko, IWI analyst.

According to the Prime Minister of Ukraine Denys Shmyhal, Ukraine will spend this money on the purchase of weapons.

 Since the beginning of Russia's full-scale invasion of Ukraine, the Institute of Legislative Ideas has been monitoring the status of frozen Russian assets and advocating for their transfer to Ukraine. The Confiscation Tracker contains the most relevant news, analyses, and data on the contributions of most countries of the world.

If you are interested in the topic of frozen Russian assets, sanctions against Russia, and cases of their circumvention, we recommend visiting the Confiscation Tracker service.