Euroclear, a Brussels-based clearing house, announced it will transfer €1.55 billion from interest generated by frozen Russian funds to support Ukraine. This decision follows EU and G7 discussions on using Russia's immobilized assets, totaling €210 billion, sanctioned due to the Ukraine conflict. The first payment will aid Ukraine's defense, with more funds to follow, despite Russia's claims that such actions amount to theft and warnings of severe repercussions.

The depositary and clearing institution Euroclear, located in Brussels, has said that it will send the money to Ukraine and seize any interest earned from the frozen Russian funds it currently holds.

“In July 2024, Euroclear will make a first payment of €1.55 billion to the European Fund for Ukraine following the recent implementation of the EU regulation on the windfall contribution,” Euroclear said in a statement on Friday.

It comes after months of discussions among the G7 and EU about what to do with billio...