European Union leaders are grappling with that question at a meeting in Brussels Thursday. The World Bank estimates Ukraine will need at least $411 billion to repair the damage caused by the war. And the EU and its allies are determined to make Russia foot part of the bill. One idea put forward in the EU is to draw off the interest on income generated by Russian assets while leaving the assets themselves untouched.
Euroclear plays a crucial role in global markets, settling cross-border trades and safekeeping more than $40 trillion in assets. The group said in April that cash on its balance sheet had more than doubled over the year to March to stand at €140 billion , boosted by payments associated with frozen Russian assets, including bonds.
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