Belgium confiscates 3 billion euros of frozen Russian funds — who will get them
news.online.ua
Fri, 02 May 2025 16:05:00 +0300
Belgian Euroclear seizes 3 billion frozen Russian assetsThis was reported by Reuters, citing relevant documents and people familiar with the matter.The money will be used to compensate Western investors after Moscow seized cash held in Russia in recent months, three people familiar with the matter said.Euroclear will redistribute 3 billion euros from a 10 billion euro pool of cash belonging to Russian entities and individuals who were subject to European Union sanctions following Russias invasion of Ukraine in 2022, two of the people said.This move marks a new level of pressure from Europe.In the past, the West organized loans and payments to Ukraine from interest on frozen Russian assets, which the illegitimate Russian President Vladimir Putin cynically called theft.
The planned payment to Belgium was triggered by the Russian governments order to seize billions from Western investors last year.
Euroclear has been under pressure from international investors to release the money.
Reuters was unable to determine who would benefit from the payment.
According to agency sources, in March, Euroclear received permission from Belgium to make payments.Euroclear informed clients of the upcoming payments in an information document dated April 1, which was reviewed by Reuters.We have received permission from our competent authority to unfreeze the compensation amounts and provide them to our participants.Reuters was unable to identify the Russian owners whose assets were seized.The payments to Western investors will not affect more than 200 billion euros in Russian central bank reserves that have been frozen in the EU, two sources said.
But it would reduce the stock of Russian assets, including cash, stocks and bonds, which are almost entirely held in Euroclear and give the bloc leverage over Moscow.
Some had hoped that the frozen Russian assets could be used to rebuild Ukraine.
Western investors have assets worth tens of billions in Russia, from confiscated factories to cash.Euroclear holds the lions share of sanctioned Russian assets in Europe over 180 billion euros.The return of this money is important for Moscow and has led to about 100 lawsuits against Euroclear, one of the interlocutors said.Last year, Moscow warned that it would take retaliatory measures if its frozen assets were confiscated and used for Ukraine, and earlier this year it amended the law to allow it to do so.
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