OREANDA-NEWS Euroclear's revenues from assets frozen in the EU of the Russian Federation fell in 2024 due to lower interest rates, there is a risk of their further reduction, the depository said.

"The gradual reduction in interest rates has led to a gradual decrease in 2024 in interest income related to the assets of the Central Bank of Russia, while the prospects for future income are likely to continue to decline, although they will depend on future policy," the statement said.

They also expect to transfer the next tranche of about two billion euros of income from frozen Russian funds to the EU fund for Ukraine in March this year.

"Euroclear is focused on minimizing potential legal, financial and operational risks that may arise for it and its clients, while complying with its obligations (in the EU – ed.)," the statement also says.

On Tuesday, the head of the European Commission, Ursula von der Leyen, said that the EU should "creatively use" illegally frozen Russian assets to help Ukraine.

The Russian Foreign Ministry has repeatedly called the freezing of Russian assets in Europe theft, noting that the EU is targeting not only private individuals' funds, but also Russian state assets. Russian Foreign Minister Sergei Lavrov said that Moscow would respond to the confiscation of frozen Russian assets by the West. According to him, the Russian Federation also has the opportunity not to return the funds that Western countries held in Russia.

After the start of the Russian special operation in Ukraine, the EU and the G7 countries froze almost half of Russia's foreign exchange reserves by about 300 billion euros. More than 200 billion euros are in the EU, mainly in the accounts of the Belgian Euroclear, one of the world's largest settlement and clearing systems.