Euroclear to transfer part of frozen Russian billions to Western clients
Brussels-based financial services company Euroclear plans to transfer part of the billions of euros in frozen Russian assets to Western investors affected by Moscow's counter-sanctions, reported Reuters. The news was confirmed by De Tijd. The move is separate from the political discussion on the full seizure of the frozen Russian billions.
Euroclear, sometimes described as the “notary of the financial world”, handles large financial transactions between investors and major financial institutions and governments. It normally also provides its “notary services” to Russian companies and governments, but the Russian assets – such as cash, shares and bonds – at Euroclear are frozen since the beginning of Russia's invasion of Ukraine. The value of those assets amounted to 183 billion euros at the end of 2024.
Moscow retaliated by confiscating assets of Western companies operating in Russia. Euroclear will now compensate its customers who saw their assets blocked as a result. According to Reuters, the financial group could release three billion euros for this purpose by the middle of this month. The company would not confirm the amount to De Tijd, but confirmed that it will indeed transfer money to clients. The actual decision to compensate Western customers is taken at a political level.
The extension of punitive measures against Russia will be voted on at the European level by the summer. If no agreement is found, Russian assets at Euroclear could be released.
The Euroclear headquarters in Brussels © BELGA PHOTO NICOLAS MAETERLINCK
Related news
