Russia lost its case to unblock €70B in the EU, so the funds can now be used to help Ukraine.

The Russian National Settlement Depository has lost its case to remove EU sanctions imposed in connection with its role in financing the war.

The depository came under EU sanctions in 2022 when the bloc said that as the main custodian of Russian securities, the organization allowed the Russian government to mobilize its resources to support military operations. The depositary could not disprove the EU’s conclusion that this enterprise is a systemically important financial institution that plays a significant role in the functioning of the Russian financial system.

Around €70B is frozen in the Euroclear depository (Belgium). These assets are currently not generating profit but can be transferred as financial support for Ukraine. The court’s decision could open the way for their use to create additional income, analogous to the assets of the Russian Federation’s Central Bank.

Euroclear confirmed that, as of February 15, 2024, they are already receiving profits from these assets that will be used to help Ukraine.