As reported by the media Financial Times citing the financial report of Euroclear
President of Ukraine Volodymyr Zelensky met with Christine Lagarde, President of the European Central Bank, to discuss important issues related to Ukraine’s European integration and the possibilities of using frozen Russian assets. The head of state shared this information on his Telegram channel.
Zelensky thanked Lagarde for supporting the budget and emphasized the need to continue this assistance, which, despite the war, should ensure Ukrainians a “normal life wherever possible.”
“We discussed the prospects of using frozen Russian assets for Ukraine’s needs, macro-financial stability, cooperation with partners, and European integration. I expressed gratitude for the loan provided under the G7 ERA initiative amounting to 50 billion dollars this year. We are making our coordination with European institutions even closer.”
Since the full-scale Russian invasion of Ukraine, frozen assets of the Bank of Russia totaling about 280 billion euros have been identified abroad, with over two-thirds located in the European Union.
In particular, the Belgian company Euroclear holds about 191 billion euros belonging to the Russian Central Bank. In 2023, this company earned approximately 4.4 billion euros in profits from these assets, according to Euroclear’s financial report.
In July 2024, leaders of the G7 countries and the EU agreed to use the interest from frozen Russian assets to provide Ukraine with a loan of 50 billion dollars. At the same time, the United States demands clear guarantees from the EU that this loan can be fully repaid with assets located within the EU, as the term of the EU sanctions against Russia is approaching its end.
Later, Washington stated that it will not unblock Russian assets until Moscow pays full reparations to Kyiv.
In October 2024, the leaders of the Group of Seven (G7) agreed to provide Ukraine with a 50 billion dollar loan, which will be repaid from the profits of frozen Russian assets.
On December 10 last year, the United States announced a loan to Ukraine of 20 billion dollars, which will also be repaid from frozen Russian assets. The European Union plans to provide up to 35 billion dollars, and the United Kingdom allocated nearly 3 billion dollars through the G7 mechanism.
Read also:
- President Zelensky prematurely ended his visit to Canada, G7 countries did not adopt a joint statement, Canada announced new military aid to Ukraine.
- A court in Slovakia found the head of the central bank, Peter Kazimir, guilty of corruption and imposed a fine of 200,000 euros.
- The EU has granted Ukraine a new €1 billion tranche from frozen Russian assets, supporting Ukraine’s budget and recovery efforts amid ongoing conflict.
