Brussels, (Unib Rashid) – Frozen Russian assets held at Brussels-based securities firm Euroclear increased to €200 billion during the first quarter of 2026. The assets — including cash, shares, bonds, and other financial instruments — were frozen under European sanctions imposed after Russia’s invasion of Ukraine in February 2022.

Euroclear reinvested the frozen funds, generating €1.13 billion in interest and profit during the first quarter. However, due to lower interest rates, this amount was nearly one-quarter lower compared to the same period last year.

Part of the income is added back into blocked accounts, which is why the total amount of frozen assets continues to grow. A significant portion of the profits, however, is transferred to the European Union as an “extraordinary contribution” to support Ukraine. Since February 2024, Euroclear has paid €6.6 billion under this mechanism, including €744 million during the first quarter alone.

At the start of the freeze, around €335 million from Russian assets remained on Euroclear’s balance sheet as operating profit. Belgian taxes on this amount totaled €270 million, while the remaining €65 million has been reserved by Euroclear as a buffer against “current and future risks.”

According to reports, legal challenges are also emerging in this regard. Euroclear is facing legal action in Russian courts, where claimants are seeking equivalent compensation in rubles. The company’s report stated that “there is a high probability of unfavorable judgments in Russian courts, as Russia does not recognize international sanctions.”

Wealthy Russians are also attempting to unfreeze their assets by invoking old investment agreements under the Belgium-Luxembourg Economic Union (BLEU). Although BLEU has not signed any new bilateral investment treaties since 2010, investors can still file claims under existing agreements. Belgium has already received nine “notices of dispute.”

The claims are based on BLEU agreements signed with the Soviet Union in 1989 and Kazakhstan in 1998. Russian oligarchs and investors are seeking arbitration proceedings outside regular courts, without public scrutiny and outside the framework of professional judicial oversight.