According to the Financial Times, officials from member states and the European Commission met on Wednesday 24 May to explore the possibility of using interest generated by Russian assets held at Belgium-based Euroclear, the world’s largest settlement house, to aid Ukraine.
Sanctions have frozen €196.6bn in Russian assets at Euroclear, according to the Belgian government, of which €180bn are Russian central bank assets.
Some officials believe this principle could be applied to other frozen Russian assets, such as those frozen in the Luxembourg settlement house Clearstream.
Apparently, the EU is alternatively considering actively managing the profits to generate more money.
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Maya Lester KC is a senior barrister (King’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human...