BRUSSELS, JULY 19 Euroclear depositary will transfer about 1.55 billion euros of income from frozen Russian assets to the so-called EU fund for Ukraine , the organization reported.
“In July, Euroclear will make the first payment of €1.55 billion to the European Fund for Ukraine in accordance with the entry into force of the EU windfall regulation,” the statement said.
It is clarified that the depositary will additionally pay 836 million euros of corporate taxes on these incomes to the Belgian treasury.
The organization also admitted that in the first half of this year 3.4 of the four billion euros of interest proceeds came from immobilized Russian assets.
At the same time, Euroclear indicated that it has recently received several unfavorable court decisions challenging EU sanctions against Russian reserves.
«Various parties in Russia are challenging the application of sanctions, and a significant number of proceedings are ongoing, in the vast majority of cases, in Russian courts. The consequences for Euroclear remain uncertain,» the depository said.
After the start of the Russian military operation, the EU and G7 countries froze almost half of Russia's foreign exchange reserves — approximately 300 billion euros. More than 200 billion are in the European Union, mainly in the accounts of the Belgian Euroclear — one of the world's largest settlement and clearing systems.
In May, the EU Council approved a decision to use proceeds from frozen Russian sovereign assets for military assistance to Ukraine. According to the document, 90 percent of the profits that the depositories will transfer to the union budget twice a year will go to the European Peace Fund to finance military assistance to the Kyiv regime. Another ten percent goes to European programs for the restoration of Ukraine financed from the EU budget. Depositories will also be able to keep ten percent of all profits received from Russian money to manage their own potential risks.
The first review of the purposes to which Russian income from assets will be allocated will take place before January 1, 2025. 
At the same time, the European Central Bank warned that this could pose reputational risks for the European currency in the long term, and called on “to look beyond this separate conflict” and look for other ways to finance Kyiv.
Moscow calls the asset freeze theft, noting that the EU is aimed not just at appropriating private funds, but also state assets.
Foreign Minister Sergei Lavrov said that Russia will be held accountable in the event of confiscation assets. According to him, Moscow also has the opportunity not to return the funds that Western countries kept in Russia.