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Frozen Russian Central Bank assets generated $4.8 billion in interest income in 2023

Russia's President Vladimir Putin. (Alexei Nikolsky/Russian Presidential Press and Information Office/TASS/Abaca Press/TNS)

This article was originally published by Radio Free Europe/Radio Liberty and is reprinted with permission.

Frozen Russian Central Bank reserves held in an account at Euroclear, the Belgium-based international depository, generated 4.4 billion euros ($4.8 billion) in interest income in 2023, Euroclear reported.

The Russian Central Bank assets, totaling more than 200 billion euros, were frozen by the EU following Moscow’s full-scale invasion of Ukraine in February 2022.

The assets were invested in low-risk sovereign debt. The European Union is considering using the interest income generated from the frozen Russian assets to aid Ukraine as an alternative to calls for seizing the full amount.

However, the Financial Times reported that any legislation permitting the use of the interest income would not be retroactive to 2023.