Russia's legal siege over assets continues, costing Euroclear hundreds of millions of euros in 2026

BRUSSELS, Belgium — Russian sanctions and countermeasures against the Belgian company Euroclear, which holds over 200 billion euros ($224 billion) in Moscow's immobilized assets, continue to cost the company hundreds of millions of euros, according to an Oct. 30 earnings report.

The EU voted to immobilize all Russian government assets within the bloc promptly after Moscow launched its full-scale invasion of Ukraine in 2022.

The bloc agreed in December 2025 that the immobilization would remain in place indefinitely.

Belgium, and Euroclear specifically, holds by far the largest share of the Russian government's overseas assets, 204 billion euros ($228 billion), according to Euroclear's latest report.

Even as Euroclear "delivers record business income," the responsibility for upholding EU sanctions against Russia comes with a high financial cost.

"Russia sanctions and countermeasures resulted in a loss of business income of 27 million euros ($30 million) and in direct costs of 233 million euros ($261 million), of which 162 million euros ($181 million) is attributed to provisions for claims in Russian courts," reads the Euroclear report for 2026.

Euroclear is facing "multiple proceedings in Russian courts," including a case launched by the Russian Central Bank that seeks to challenge the immobilization of its assets.

"Euroclear strongly contests the Central Bank of Russia's claim, which is without merit," the company said.

Those costs can be covered by the interest generated from Euroclear's investment in the assets, and the EU has made clear in multiple sanctions packages that it will support companies being adversely affected for upholding the bloc's sanctions regime.

And so far in 2026, Euroclear notes that the assets have generated 3.6 billion euros ($4 billion).

The bulk of the interest earnings is, however, turned into a so-called windfall contribution, which Euroclear transfers to the European Union for the purpose of supporting Ukraine.

Euroclear has so far made five windfall payments since the first payment in July 2024. The total of that assistance stands at 8 billion euros ($9 billion), of which the most recent payment of 1.4 billion euros ($1.6 billion) was made in August 2026.

The Russian assets held by Euroclear are continually being eyed by Ukraine as a potential quick win to bankroll its defense.

Most recently, Deputy Prime Minister for European Integration Vsevolod Chentsov and former Prime Minister Arseniy Yatsenyuk repeated the idea of transferring the assets to a European custodian, where they could be used to provide immediate financial support, during an event in Brussels on Oct. 28.

The idea was, however, dead on arrival because moving Russia's assets from where they are currently held already introduces legal and business risks for Euroclear, which plays a significant role in the global financial system.

Now, the European Commission is compiling options to maintain financial support for Ukraine. Senior EU officials told the Kyiv Independent that potential use of the assets would be included, but "at the bottom," as the least desired option.