The European Union managed to reach a consensus regarding frozen Russian assets.
Funds will be remitted for the purpose of defense and restoration of Ukraine which suffered from the Russian hostilities and regular shelling, as reported by L’Echo with reference to notes by Valérie Ubren, CEO of the Belgian depository.
She highlighted that a decision on seizure of assets should be made in the next few weeks.
Mrs. Urben explained: “The amount will be in the range between 87% and 89% of all after-tax income from Russian assets”.
Seizure of Russian assets: what is the difficulty?
Valérie Ubren noted that seizure of Russian assets frozen in European banks could strike the financial markets.
In addition, the Belgian depository is proceeding over 100 lawsuits in Russian courts against Russian investors who demand to return funds blocked due to sanctions.
Frozen Russian assets
Nearly 70% of all Russian Federation assets frozen in the West after the full-scale invasion into Ukraine are kept in the Central Belgian Securities Depository Euroclear. Their cost is equal to various securities and funds of the Russian central bank in the amount of €190 billion.