Interest income on frozen Russian assets at Euroclear falls

The interest earned on frozen Russian assets held at Belgian financial firm Euroclear fell by 26 per cent last year to 5 billion euros, due to lower interest rates. The figures were published in the company’s annual results on Wednesday.

Euroclear has been in the spotlight in recent months after EU leaders debated using the blocked Russian funds to help Ukraine. Belgian prime minister Bart De Wever opposed the idea, and it was eventually dropped in favour of raising 90 billion euros through a joint EU loan on financial markets.

Euroclear chief executive Valerie Urbain welcomed that decision. She said the company would continue working closely with policymakers to ensure sanctions protect financial stability and the rule of law.

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Based in Brussels, Euroclear is partly owned by the Belgian state, which holds around 12 per cent of its shares, alongside banks and public bodies. The firm processes major financial transactions for investors, institutions and governments, and describes itself as the “notary of the financial world”.

In 2025, Euroclear reported a net profit of 1.112 billion euros, up from 1.038 billion euros the year before.

Russian cash, shares and bonds held by the firm have been frozen since the invasion of Ukraine under international sanctions. The interest and dividends generated are placed in a blocked account and reinvested, with most of the money earmarked for the EU’s Ukraine support fund. For the 2025 financial year, this contribution is expected to reach 3.3 billion euros.

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