Russian sanctions costs for Euroclear reach €233 million in October report

Key Facts

Euroclear incurred €233 million in direct costs as a result of Russian sanctions and countermeasures, while its business income fell by €27 million, according to the company’s report issued on 30 October 2026. The figure covers the period presented in the report and is not a full-year total. The Kyiv Independent reported that €162 million of the costs was allocated to claims before Russian courts. These burdens come as the Belgian institution holds the largest share of Russian state assets held outside Russia. The value of those frozen assets at Euroclear was about €204 billion, according to the company’s latest report.

The figures reflect legal and financial pressure directly linked to the management of frozen Russian assets, as Euroclear faces multiple lawsuits in Russian courts. One of them was brought by the Russian central bank to challenge the freezing of its assets, according to the report cited by the newspaper. Euroclear said it "strongly contests the Russian central bank’s claim, which has no basis." A Moscow court of first instance ruled in favor of the Russian central bank in its claim against the company on 15 May. Euroclear’s appeal was then rejected on 16 July, according to its statement on first-half results.

Reuters reported that a Moscow court rejected an appeal against a ruling ordering Euroclear to pay the Russian central bank 18.2 trillion rubles in compensation. In response to the Russian proceedings, Euroclear filed a civil lawsuit in Belgium seeking to prevent enforcement of the Russian ruling against it, according to the report cited by Reuters. The company says it does not recognize the jurisdiction of Russian courts and will continue to defend its interests, including before Belgian courts. First-half figures show the extent of its balance-sheet exposure to these assets: Euroclear Bank’s total balance sheet stood at about €241 billion at the end of June, of which €202 billion was linked to sanctioned Russian assets. These assets therefore make up the largest share of the company’s banking balance sheet, according to the figures it reported.

Legal costs come amid changing income from the same assets: Euroclear recorded €2.3 billion in interest income from sanctioned Russian assets in the first half of 2026. This income fell 13% year on year, which the company attributed to lower interest rates. It also said future revenue would evolve in line with official interest rates. During the same period, the company allocated €1.5 billion to the extraordinary contribution linked to profits from Russian assets under an EU regulation. It had paid about €6.6 billion through this contribution by the announcement of its first-half results, while a payment of €1.4 billion was expected in July at the time.

By contrast, Euroclear’s core business continued to grow in the first half of the year, excluding Russia-related effects. The company said core business income rose 8% to €1 billion, driven by progress in its global and emerging markets activities and its funds platform. It added that high levels of assets under custody and a record number of transactions supported this performance. Adjusted net profit rose 12% to €676 million in the first half. The results highlight the core business’s growth alongside the costs of sanctions and countermeasures, as well as the contribution linked to extraordinary profits from Russian assets.

Fitch maintained Euroclear’s rating at AA with a stable outlook in its mid-year report published on 7 July 2026, according to the company. The report estimated that liquidity risks and potential legal risks to Euroclear Bank arising from the frozen assets of the Russian central bank were remote over 12 to 18 months. On European policy, Reuters reported that EU leaders decided to borrow money to lend Kyiv €90 billion, while keeping Russian assets frozen until Moscow pays war reparations to Ukraine. This comes after debate over using the assets and their proceeds to support Ukraine, while the custodian faces legal claims in Russia. Euroclear is scheduled to announce its 2026 financial results on 5 February 2027, according to its financial calendar.