According to documents seen by Reuters and sources familiar with the matter, following Russia's seizure of investors' assets in the country, the Belgian clearing company Euroclear plans to confiscate and redistribute approximately 3 billion euros of frozen Russian assets held by the company.
Three sources familiar with the matter said that after Russia seized Western investors' assets in recent months, this money will be used to compensate Western investors. Two of these sources said that Euroclear will reallocate 3 billion euros from a 100 billion euro cash pool belonging to sanctioned Russian entities and individuals under EU sanctions.
The move marks a new height in Europe's retaliation. The EU revised its sanction regime at the end of last year to allow payments to Western investors in such cases. (Source: Reuters)
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