In brief

• Euroclear reported that at the end of September 2026 its balance sheet stood at €244 billion, of which €204 billion were Russian assets subject to sanctions.
• Over the first three quarters of 2026 the depositary earned €3.6 billion in interest on assets of the Russian state and the Central Bank of Russia.
• Euroclear set aside €162 million for claims before Russian courts.
• According to WNP, around €185 billion is frozen under EU sanctions.

Scale of frozen assets

According to the Euroclear report, at the end of September 2026 the balance sheet of the Belgian depositary stood at €244 billion, of which €204 billion were Russian assets subject to EU sanctions (Euroclear на конец сентября хранил на балансе 204 миллиарда евро российских активов – 1prime.ru) (Euroclear хранил на своем балансе 204 миллиарда евро российских активов – mail.ru) (Euroclear хранил на своём балансе €204 млрд российских активов на конец сентября - Рамблер/новости – rambler.ru). This is the book value of blocked funds held on the depositary's balance sheet, not the total amount of frozen Russian assets in the European Union. Euroclear does not break it down into assets of the Central Bank of Russia and assets of Russian banks, companies and private individuals.

According to data provided by the Polish agency WNP, around €185 billion is frozen under EU sanctions imposed after the aggression against Ukraine (3,6 mld euro od rosyjskich aktywów zasili Ukrainę – WNP.pl).

Profits from frozen funds

Euroclear reported that over the first three quarters of 2026 it earned €3.6 billion in interest on assets belonging to the Russian state and the Central Bank of Russia (Подсчитан заработок на замороженных российских активах: Рынки: Экономика: Lenta.ru – lenta.ru). Income from commercial activity rose by 9% to €1.5 billion, and adjusted net profit by 8%, to €963 million. According to the depositary, income from these assets is managed in accordance with applicable sanctions and regulatory requirements.

Court disputes and Moscow's position

Euroclear acknowledged that legal proceedings are ongoing in Russia, and it set aside €162 million for claims before Russian courts. According to pro-Kremlin media, Russian authorities have repeatedly argued that freezing the assets violates Russia's property rights, and the Central Bank of Russia has sued the depositary for compensation and is challenging, before the EU Court of Justice, restrictions that hinder the enforcement of Russian judgments abroad. These claims are not confirmed by the Russian side's sources, nor by Polish or other independent sources.

Position of EU politicians

Belgian Prime Minister Bart De Wever informed parliament that the European Commission will no longer present proposals to seize frozen Russian assets to finance Ukraine (Euroclear держит на балансе 204 млрд евро российских активов – ren.tv). Earlier, EU foreign policy chief Kaja Kallas admitted that the EU does not know how these assets can be taken.