The EU is considering the possibility of transferring the transfer of profits from the reinvestment of blocked Russian assets to Ukraine, writes the Financial Times, citing sources familiar with the discussion of the issue.
According to the publication, the frozen funds (according to the Belgian government, this is almost 197 billion euros, of which 180 billion are the assets of the Central Bank, they are in the financial company Euroclear) in the first quarter of this year brought a profit of 734 million euros. The newspaper notes that it is “standard practice” for Euroclear to lend out customer funds and withhold interest earned.
“Financial institutions don’t know what to do with this money,” one source told the publication. He admitted that this money could be transferred to Kyiv. Another interlocutor also noted that “it can be done.”
The interlocutors of the newspaper called the investment of these assets with subsequent profit management another option for dealing with frozen assets. In both cases, legal nuances are discussed.
The FT adds that specific proposals may be submitted at the end of June. According to the newspaper, so far the only sounded option regarding actions with Russian assets was the statement of the Belgian authorities about their intention to spend tax revenues from the percentage profit from these funds to help Ukraine and refugees.
Source: Rosbalt
Mario Twitchell is an accomplished author and journalist, known for his insightful and thought-provoking writing on a wide range of topics including general and opinion. He currently works as a writer at 247 news agency, where he has established himself as a respected voice in the industry.
