Euroclear's income from Russian assets fell for the first time since they were “frozen”

According to Euroclear's report, the bulk of income—€1.3 billion—came from transactions involving the assets of the Central Bank of Russia. Operating expenses related to Russian assets remained insignificant at only €22 million. 

At the same time, Euroclear was forced to form a reserve of €944 million due to new EU regulations on contributions to unforeseen income, which required this amount to be reserved for the first quarter of 2025.

Interest income from Russian assets subject to Belgian corporate tax generated €360 million in tax revenue for Belgium in the quarter (in the fourth quarter of 2024, this figure was €1.7 billion).

As of the end of March 2025, Euroclear held €195 billion in frozen Russian assets, €12 billion more than at the end of 2024.

Source: Forbes, Euroclear reports