Reuters Exclusive-Europe to hand billions in frozen Russian cash to Western investors

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Reuters Exclusive-Europe to hand billions in frozen Russian cash to Western investors

https://archive.ph/iX71w

 

BRUSSELS (Reuters) -Euroclear plans to seize and redistribute about 3 billion euros ($3.4 billion) of Russia's funds that are frozen at the Belgian clearing firm after Moscow grabbed investor cash in Russia, according to documents seen by Reuters and people familiar with the matter.

The money will be used to compensate Western investors after Moscow seized cash held in Russia in recent months, three people said, escalating attempts by both sides to recoup billions in funds affected by the war in Ukraine.

Euroclear will redistribute 3 billion from a pool of 10 billion euros in cash belonging to Russian entities and individuals hit by European Union sanctions following Moscow's 2022 invasion of Ukraine, two of the people said.