It is reported that the Belgian depository has unblocked part of the funds of the Eurasian Development Bank (EDB), which were frozen as part of the sanctions against the National Settlement Depository (NSD) of the Russian Federation.
According to Kenbeil, since the beginning of 2023, more than $600 million has been unblocked from a total of $733 million, and these funds have already been allocated to Kazakh projects.
It is important to note that Euroclear has set a condition that the unblocked funds must be used exclusively for projects in Kazakhstan and will monitor compliance with this condition. Astana also hopes that an additional $120 million will be unblocked in 2026.
Recall that in 2022, EU countries imposed restrictions against the NSD and froze about $300 billion of Russian assets, of which more than $200 billion are held in Euroclear. As a result, the depository blocked accounts containing EDB funds belonging to Kazakhstan.
The EU Council confirmed in December the indefinite freezing of Russian assets. The Bank of Russia filed a lawsuit against Euroclear in the Arbitration Court of Moscow, stating that any potential confiscation of assets would be considered illegal appropriation and would lead to legal consequences.
Euroclear also supported the European Union's decision not to use frozen Russian assets to provide Ukraine with reparations loans. The depository noted that it welcomes the position of the European Council and intends to contribute to the implementation of EU sanctions, taking into account financial stability and the rule of law.
