Questions and Answers on first transfer of €1.5 billion of proceeds from immobilised Russian assets made available to Ukraine

What are the ‘extraordinary revenues'? 

Extraordinary revenues accumulate due to the immobilisation of assets of the Central Bank of Russia.

Due to the immobilisation of assets and reserves of the Central Bank of Russia, unexpected and extraordinary cash balances accumulate on the balance sheets of central securities depositories (CSDs), resulting in unexpected and extraordinary revenues. These revenues do not have to be made available to the Central Bank of Russia under applicable rules, even after the discontinuation of the transaction prohibition (immobilisation). They do not constitute sovereign assets. 

When have you received these extraordinary revenues?

The Commission received the first instalment of extraordinary revenues on 23 of July 2024 after calling the financial contribution from the CSD concerned.

What share of the extraordinary revenues will be entered into the European Peace Facility and into the Ukraine Facility?

90% of the financial contribution from the extraordinary revenues will go to the European Peace Facility (EPF) and 10% will go to the Ukraine Facility to support respectively Ukraine's military and reconstruction needs.

Why do you not send these extraordinary revenues straight to Ukraine?

The extraordinary revenues are fully used for the benefit of Ukraine through two Union Instruments, the EPF and the Ukraine Facility. The channelling ensures that the revenues are spent on the strengthening of military capabilities and reconstruction in line with sound financial management rules.

Why do you only collect extraordinary revenues from Euroclear Belgium – what about other CSDs?

Currently only Euroclear Belgium falls within the scope of the Council Regulation laying down the rules on the management of the immobilised assets. Those rules provide that only CSDs holding reserves and assets from the Central Bank of Russia that are worth more than €1 million are subject to the obligations related to setting aside the amounts and report to the Commission on the extraordinary revenues generated.

When will you receive the next instalment of these extraordinary revenues? 

The next request for a financial contribution from the CSD concerned will take place in March 2025.