Frozen Russian assets held at Belgium-based financial services company Euroclear generated €1.7 billion in tax revenue for Belgium last year.
The Belgian government has pledged to use these funds to support Ukraine.
Although Euroclear is not widely known to the general public, it is a major player in the global financial sector. Headquartered in Brussels, it facilitates large-scale financial transactions between investors, major institutions, and governments. The Belgian federal government holds a 12% stake in the company. Often referred to as the "notary of the financial world," Euroclear ensures the smooth execution of financial settlements.
Before the war in Ukraine, Euroclear also provided these services to Russian companies and the Russian government. However, international sanctions imposed following Russia’s invasion led to the freezing of Russian assets held by the company. By the end of 2024, the total value of these frozen assets—including cash, shares, and bonds—amounted to €183 billion.
The interest and dividends generated from these Russian assets are deposited into a blocked account at Euroclear. The company reinvests these funds, with a significant portion allocated to the European Fund for Ukraine. In 2024, this fund received €3.55 billion, with an initial €1.55 billion transferred in July and an additional €2 billion scheduled for transfer next month.
In addition to these contributions, the Belgian government imposes taxes on the proceeds from the frozen Russian assets. In 2024, this taxation generated €1.7 billion, which Belgium has committed to using for Ukrainian aid. Photo by Lionel Allorge, Wikimedia commons.