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, attributed to a gradual reduction in interest rates, marked a significant decrease compared to the same period last year.
The report highlighted that Euroclear transferred €1.6 billion to the European Commission in July 2025 as an unexpected contribution under EU regulations. A second such payment is expected in early 2026. Anti-Russian sanctions have reportedly caused direct losses of €82 million and a loss of €25 million in business income for Euroclear since the start of the year.
Belgium, home to Euroclear, has opposed efforts by some EU nations to redirect frozen Russian assets to Ukraine but emphasized the need to maintain these assets frozen until the conflict concludes. The country’s stance was described as pivotal due to Euroclear’s role in potentially financing a $163 billion loan for Ukraine.
Russian officials, including Vladislav Maslennikov of the Russian Foreign Ministry, warned that the “reparation loan” for Kiev would disproportionately affect Belgium, citing Euroclear’s Belgian origin. Maria Zakharova, a Russian Foreign Ministry representative, reiterated that any unauthorized use of Russian assets violates international and contractual law.
