Overview
- Euroclear puts the total at €193 billion, including about €180 billion belonging to the Bank of Russia, within a €42.5 trillion custody portfolio.
- Chief Valeri Urben says the firm will pursue legal avenues against any European Commission or Council order to confiscate the funds and has expanded its legal team from roughly ten to 200 since 2022.
- Urben cites sovereign immunity and warns that repurposing the holdings could leave Euroclear unable to meet obligations if Russia later seeks repayment.
- EU capitals remain divided as Belgium resists expropriation, while the European Commission has transferred €14 billion in 2025 to Ukraine from income generated by the frozen assets.
- Proposals still on the table include a nearly €140 billion interest‑free loan backed by the reserves, and Russia threatens reciprocal steps as €20–40 billion of Euroclear clients’ assets are locked in Russia.