The Belgian depository Euroclear has transferred approximately €6.6 billion to the European Fund for Ukraine since Feb. 15, 2024, from proceeds generated by reinvesting frozen Russian assets, according to the company’s Q1 2026 report, published May 8.
The next tranche for Ukraine is estimated at €1.4 billion and is due to be transferred in July 2026. In the first quarter of this year, Euroclear set aside €744 million for payment as a “windfall contribution,” a sum drawn from the net profit the depository earns by investing cash balances from blocked accounts belonging to Russia’s central bank.
Euroclear’s interest income from sanctioned Russian assets totaled €1.1 billion in the first quarter of 2026, down 23% from the same period a year earlier. The company attributed the decline to lower interest rates and warned that the income would continue to depend on monetary policy. The depository estimated its direct expenses related to sanctions and Russian countermeasures at €38 million, with lost revenue totaling another €9 million.
As of the end of March 2026, Euroclear Bank’s balance sheet stood at €237 billion, of which €200 billion related to sanctioned Russian assets. The depository continues to be involved in court proceedings in Russia, including cases initiated by Russia’s central bank, and says the risk of unfavorable rulings is high as Moscow does not recognize international sanctions. Proceeds from sanctioned assets remain the main source of funds the EU has directed to support Ukraine since 2024.
In December 2025, EU countries agreed to indefinitely freeze €210 billion in Russian state assets. Previously, the freeze had to be extended every six months and could have been blocked at any time by Hungary or Slovakia. The decision was also aimed at persuading Belgium to support an EU plan to issue Ukraine a loan of up to 165 billion euros backed by the frozen assets.. Kyiv would repay the loan only if Russia pays reparations for war damage. Russia’s central bank at the time called the EU plans “illegal” and filed a lawsuit against Euroclear in a Moscow arbitration court.
