By John O’Donnell
EUROCLEAR plans to seize and redistribute about €3 billion ($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.
Subscribe now to have unlimited access
With our membership subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!
