European Commission reports revenue from frozen Russian assets

The European Commission has revealed it has received approximately 8 billion euros in revenue generated from the reinvestment of frozen Russian assets held at the Belgian-based depository Euroclear since 2024. A recent transfer of 1.4 billion euros was made to the Commission in August. The Commission receives only a portion of these earnings, as Belgium applies taxes to the income, with reports suggesting rates as high as 30%.

The European Commission maintains that using profits from frozen assets is legal, arguing that the interest does not belong to Russia. This follows a legal dispute where the Central Bank of Russia sued Euroclear in a Moscow arbitration court, seeking 225.5 billion USD in compensation for frozen funds and lost profits. A court ruling in May 2026 reportedly favored the Russian Central Bank, ordering Euroclear Bank to make the payment.

Separately, the European Commission estimates that the EU may need to allocate at least 35 billion euros to cover interest costs stemming from a 90 billion euro support package for Ukraine. This cost could rise to nearly 42 billion euros if market interest rates increase. While the EU budget is expected to handle these obligations, the specific funding sources for these interest payments remain undetermined.