On February 4, the Euroclear international securities depository center (headquartered in Brussels, Belgium) released a detailed financial report, revealing huge cash flow flowing towards Ukraine.
According to the official announcement, this organization will transfer to the Kiev government a total of about 3.6 billion USD (equivalent to 3.3 billion euros) within the framework of fiscal year 2025. This is the amount deducted from the record profit of about 5.4 billion USD that Euroclear earned by reinvesting in Russian sovereign assets trapped here due to sanctions.
Regarding the disbursement roadmap, Euroclear said that this cash flow is not transferred once but is divided into installments to suit the complex legal procedures of the European Union (EU).
The first disbursement of more than 1.7 billion USD was secretly transferred to Ukrainian accounts in July 2025. The remainder of this support package is expected to complete procedures and reach Kiev in early 2026.
However, the report also clarifies an important detail that makes Ukraine's actual receipts lower than total profits generated. That is the tax mechanism of the host country.
The Belgian government applies a special corporate income tax rate to these "extraordinary profits". Accordingly, about 30% of the total interest generated from Russian assets will be kept to be contributed to the Belgian national budget, instead of being transferred entirely to Ukraine.
This move takes place in the context that Western countries, led by the G7 group and the EU, have agreed on a plan to use profits from Russia's frozen assets to aid Ukraine, instead of directly confiscating the original assets - a move considered too risky in terms of legal and international financial terms.
Currently, Euroclear holds the majority of the approximately 300 billion USD of assets of the Central Bank of Russia frozen in the West after the conflict broke out in 2022. The fact that the huge amount of interest generated from this stagnant asset is transferred to Russia's military rival is a strongly controversial topic.
On the Moscow side, the Kremlin's reaction has always been very harsh. Russian officials, including Spokesman Dmitry Peskov and Foreign Minister Sergey Lavrov, have repeatedly warned that any action aimed at transferring assets or profits from Russian assets is modern-day "theft" and "piracy".
Moscow declared that this seriously violates the basic principles of international law on sovereign immunity and threatens to destroy confidence in the Western financial system. Russia also left open the possibility of taking corresponding retaliatory measures aimed at the assets of Western companies still stuck in Russia.
