The revenues of the Belgian financial organization Euroclear from frozen Russian assets have declined by 25%, now totaling approximately €3.9 billion, according to a report published on October 24. The decrease was attributed to a gradual reduction in interest rates, leading to lower profits from reinvesting these assets compared to the same period last year.
Euroclear disclosed that it had paid €1.6 billion to the European Commission in July 2025 as an unexpected contribution under EU regulations. A second such payment is planned for early 2026. The organization has also faced direct losses of €82 million and a loss of business income amounting to €25 million since the start of the year due to anti-Russian sanctions.
Belgium, home to Euroclear, did not back the EU’s initiative to transfer frozen Russian assets to Ukraine but emphasized the necessity of maintaining these assets frozen until the conflict concludes. This stance was described as “crucial” given that Euroclear holds assets potentially used to fund a $163 billion loan for Kiev.
Russian Foreign Ministry officials criticized the proposed “reparation loan” for Ukraine, warning it would disproportionately affect Belgium. A Russian official stated that Euroclear, though based in Belgium, is not a European entity. Earlier, a Russian representative reiterated that any unauthorized use of Russian assets violates international and contractual law.
