Kyiv Independent reported that Euroclear recorded €162 million in provisions for Russian court claims and €233 million in direct costs during 2026. Kyiv Independent also reported €27 million in lost business income.
Euroclear’s published results for the six months ended June 30 showed €146 million in direct costs from Russian sanctions and countermeasures and €18 million in lost business income. Interest earnings from sanctioned Russian assets totaled €2.3 billion, down 13% from a year earlier. At June 30, those assets accounted for €202 billion of Euroclear Bank’s €241 billion balance sheet.
The Bank of Russia filed a damages lawsuit against Euroclear in the Moscow City Arbitration Court on Dec. 12, 2025, arguing it could not use funds and securities held by the depository. Euroclear said the court ruled for the Bank of Russia on May 15, 2026, and rejected its appeal on July 16. Euroclear says it does not accept the court’s jurisdiction, that EU law does not recognize claims of this kind, and that the central bank’s case is baseless.
Council Regulation (EU) 2025/2600 prohibits direct or indirect transfers of the Bank of Russia’s assets and reserves. It lists Russia ending its war against Ukraine and providing reparations among the conditions for ending the measure. The European Commission said the EU received €1.4 billion on Aug. 3 in its fifth transfer of windfall profits from immobilized Russian assets. The payment covered income that built up during the first six months of 2026. The Commission said 95% of proceeds go through the Ukraine Loan Cooperation Mechanism and 5% through the European Peace Facility. It said the assets had generated €8 billion in windfall profits since immobilization.
The financing debate has also included Belgium’s opposition to a new EU operation using Russian holdings.
