Belgian depository Euroclear plans to confiscate about 3 billion euros from the frozen assets of Russian citizens and companies. The money will be directed to investors affected by the confiscation of assets in Russia. This is stated in the material of Reuters.
Confiscations will not concern sovereign assets and will be used as a retaliatory measure, noted in the publication. It is alleged that in recent months Moscow has seized cash worth a similar amount, which Euroclear kept in the National Settlement Depository in Russia. The money was used to compensate Russian investors affected by Western sanctions.
Whose money will be seized in Europe has not been disclosed. The planned confiscation will take place against the backdrop of Western countries discussing the possibility of seizing frozen Russian sovereign assets in favour of Ukraine. According to media reports, this measure has so far been opposed by the EU’s largest economies, which fear a judicial appeal against the confiscations and an outflow of investors.