Russian assets frozen in the European Union after Moscow’s invasion of Ukraine could generate after-tax profits of 15 billion to 20 billion euros by 2027, depending on changes in global interest rates, a senior EU official said, according to Reuters.

Some of the profits, as well as a gross-up tax, are likely to be regularly transferred from the EU to Kyiv, but some of the money will remain in the West to create a buffer against possible Russian retaliation that could destabilize the global financial system, the official said.

About 70 percent of all Russian assets immobilized in the West are held by the Belgian central securities depository Euroclear, which holds the equivalent of 190 billion euros in various Russian central bank securities and cash.

“We want to help Ukraine, but we will also have to make sure that there is no breach of financial stability,” said an EU official with knowledge of the talks on the use of the assets.

“As soon as the war ends and all the rules are fulfilled, all the money that is temporarily detained will also be transferred to Ukraine. But we need a significant amount in Euroclear…”, the official said, arguing that the Russian banks will probably try through Russian courts, which do not recognize Western sanctions, to seize 33 billion euros of Euroclear money in the national securities depository in Moscow.

Russia may also take legal action to seize Euroclear cash in securities depositories in Hong Kong and Dubai, the official said, while other lawsuits are likely from Western banks that have lost money invested in Russia.

“This is a mechanism by which Euroclear could be completely gutted, essentially,” a senior EU official said.

If Euroclear runs out of capital, Belgium’s central bank would have to withdraw its license, potentially triggering a global financial crisis as Euroclear holds 37 trillion euros in assets, the official said.

Next week, the commission is to present a proposal on how much of the profit for the next four years can immediately go to Ukraine, as well as in what form and how much should be kept to create a reserve. There should also be a contingency mechanism if Euroclear runs into problems, the official said.

From the beginning of the war until February of last year, the profit from Russian assets amounted to 5.2 billion euros.

This year, they plan to send 1.5 billion to Kyiv