Euroclear Financial Group earned €4.4 billion from investing frozen Russian assets in 2023
The negative effect on business from sanctions and counter-sanctions amounted to 24 million euros, the company emphasized
In 2023, the investment of frozen Russian assets brought the Euroclear financial group an operating profit of 4.4 billion euros, according to the company's website.
Profit for the first nine months of last year amounted to 3 billion euros.
"As significant uncertainty remains, Euroclear considers it necessary to separate the expected profit related to sanctions from the underlying financial results when assessing the company's performance and resources," the statement said.
The company also emphasized that the management of Russian assets required additional costs of 62 million euros, and the negative effect on the business from sanctions and counter-sanctions amounted to 24 million euros.
In addition, EUR 1.085 million will be transferred to the Belgian state as a corporate tax payment.
Regarding the European Commission's plans to transfer profits from frozen Russian assets to Ukraine, Euroclear said that the company is focused on "minimizing potential legal and operational risks that may arise for it and its clients as a result of the implementation of any proposals of the European Commission".
Background. Earlier, Mind reported that all 27 EU leaders agreed to allocate 50 billion euros of multi-year assistance to Ukraine.
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