Interest revenues from frozen Russian assets, held at the Belgian financial institution Euroclear, decreased by 26% last year, the company announced on Wednesday.
About €300 billion of Russian assets were immobilised at the outset of Russia's full-scale invasion of Ukraine in February 2022. More than €180 billion is held at Brussels-based company Euroclear.
In 2025, the revenue dropped to €5 billion due to lower interest rates, according to the company’s annual report.
Euroclear gained attention in recent months as European leaders proposed using frozen Russian billions to support Ukraine - a move that Belgian Prime Minister Bart De Wever strongly opposed. Ultimately, the leaders decided to secure €90 billion through a joint loan on financial markets.
Valérie Urbain, Euroclear's CEO, expressed support for the decision while commenting on the annual results. She stated that the company will continue working closely with policymakers on sanctions to ensure measures support financial stability and uphold the rule of law.
Euroclear, headquartered in Brussels, is partially owned by the Belgian federal government, which holds roughly 12% of its shares. Other Belgian banks and government entities also have stakes in the firm, which facilitates major financial transactions between investors, institutions, and governments. The company refers to itself as the "notary of the financial world."
Euroclear is a global market leader in its specialised financial services. In 2025, the company posted a net profit of €1.112 billion, up from €1.038 billion in 2024.
The institution also offers services to Russian companies and governments, though international sanctions introduced after the war in Ukraine froze the assets of Russian entities. These funds—including cash, shares, and bonds—are no longer accessible to their Russian owners.
Interest and dividends generated by these frozen Russian billions are deposited into a blocked account at Euroclear. The money is reinvested by the institution, and much of it is earmarked for the European Fund for Ukraine. For the 2025 financial year, Euroclear contributed €3.3 billion to this fund.
