International custodian Euroclear generated approximately €5.2 billion in revenue from Russian assets in the 9 months from January to September. The publication reported this FrankMedia.
According to Euroclear reports, the custodian earned a total of €5.2 billion in interest income from the investment of blocked Russian assets. The majority of this amount (3.9 billion Euros) was obtained from the reserves of the Central Bank of the Russian Federation.
Interest income from depositors on Russian assets is subject to Belgian tax. They allowed the Belgian budget to be increased by 1.3 billion Euros.
»The Council of the European Union introduced rules obliging central depository institutions holding assets of the Bank of Russia over 1 million euros to apply special rules as of February 15 regarding cash balances accumulated due to restrictive measures against Russia. Now custodians are required to keep separate records of such funds and also separately account for profits from these assets,” the publication writes.
Organizations can independently manage profits and pay dividends with it. The publication states that from February 15, all profits from assets must go to the Ukrainian Relief Fund.
As Politico reported, the European Commission later may allow Euroclear financial group will use some of Russia’s frozen assets to protect the loan to Ukraine.
Formerly Ukrainian company Naftogaz requestedWashington and London’s seizure of Russian state assets.
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Source: Gazeta
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