War Balance
Frozen Russian assets and Euroclear: the return Russia lost in each country
Russia's central bank reserves and Russian private assets frozen abroad since 2022 earn Russia nothing. The number here is the return Russia lost on them from 2022 to August 2026, not the amount frozen: €45.3bn across the 35 countries listed; in Belgium it comes to €10.8bn.
What are frozen Russian assets?
Since February 2022 the EU, the G7 and other countries have immobilised the reserves of Russia's central bank held with them, and frozen the assets of sanctioned Russian people and companies. Immobilised means the money cannot be used or moved but still belongs to Russia; confiscation would take ownership, a separate legal step. A large share of the reserves immobilised in the EU is held at Euroclear, a securities depository in Brussels: as bonds mature they turn into cash, and the windfall profits Euroclear earns on that cash are taxed and used for Ukraine. This page counts the return Russia lost on the frozen money, not the amount frozen. In figures: about €210bn of Bank of Russia reserves are immobilised in the EU (December 2025, European Commission), and over €28bn of assets of sanctioned people and companies are frozen there. For the members of the REPO task force (the EU, the G7 and Australia), the official total was about $280bn of central bank assets (7 September 2023) and over $58bn of private assets (9 March 2023). Euroclear reports €202bn of sanctioned Russian assets on its balance sheet (June 2026); that figure overlaps the Commission's and is not added to it. The windfall payments from Euroclear to the EU came to about €8bn by 3 August 2026.
What is the reparations loan for Ukraine?
The reparations loan is a plan discussed in the EU since 2025 to lend Ukraine money raised against the cash balances of Russia's central bank reserves immobilised in the EU, held largely at Euroclear in Belgium. The reserves would stay immobilised and remain Russia's claim; Ukraine would repay the loan once Russia pays reparations for the damage caused by the war. The G7's ERA loans (Extraordinary Revenue Acceleration), agreed in 2024, work differently: they are repaid from the windfall profits that the frozen reserves earn at Euroclear. On this site, loans to Ukraine repaid from the proceeds of Russian assets are left out of donors' aid, since Russia pays for them. Where it stands: proposed, not adopted. The Commission's legal proposal (3 December 2025) would have used up to €210bn of immobilised assets. On 18 December 2025 the European Council agreed instead on a €90bn Ukraine Support Loan for 2026–27, funded by EU borrowing: Ukraine repays it once Russia pays reparations, and the EU keeps the right to use the immobilised assets for that. By October 2026, €19.8bn of it had been paid out. The G7's ERA loans come to about $50bn (€45bn).
These numbers measure money: aid to Ukraine and the change in what Russia keeps from trade, against a world without the war. Weapons count at their money value: aid at market value when delivered, weapons and troops sent to Russia at the seller's gain where Russia paid and in full where it did not. Votes, diplomacy and intent are not in them.
Ranking · 35
Sorted by “Russian money frozen (return lost)” in euros, high to low, 2022 to August 2026. + toward Ukraine, − toward Russia.
The return Russia lost, since 2022: reserves (central bank) and private Russian assets, each with its range.
| # | Country | Russian money frozen (return lost) | Frozen Russian central bank reserves | Frozen Russian private assets | Net | Central bank reserves immobilised | Sanctioned private assets frozen |
|---|---|---|---|---|---|---|---|
| 1 | Belgium | €10.8bn1.8% of GDP · €909 per personrange €7.9bn to €12.1bn | €7.4bn1.2% of GDP | €3.4bn0.57% of GDP | +€20.3bn+3.4% of GDPvery likely · >99% | €185bnDecember 2025 | €10bnFebruary 2025 |
| 2 | France | €6.5bn0.23% of GDP · €95 per personrange €4.5bn to €7.7bn | €5bn0.18% of GDP | €1.5bn0.05% of GDP | +€43.6bn+1.6% of GDPvery likely · >99% | €22.8bn20 March 2022 | €1bn6 May 2026 |
| 3 | Germany | €5.3bn0.13% of GDP · €63 per personrange €3.7bn to €6.3bn | €3.1bn0.08% of GDP | €2.1bn0.05% of GDP | +€153bn+3.7% of GDPvery likely · >99% | no public figureestimate: about €0.21bn | €5.3bn2025 |
| 4 | United Kingdom | €5bn0.16% of GDP · €72 per personrange €3.1bn to €8.6bn | €1.8bn0.06% of GDP | €3.2bn0.10% of GDP | +€58.4bn+1.8% of GDPvery likely · >99% | no public figureestimate: about €9.1bn | €33.9bnMay 2025 |
| 5 | Italy | €3bn0.14% of GDP · €51 per personrange €2.2bn to €3.6bn | €1.9bn0.09% of GDP | €1.1bn0.05% of GDP | +€34.4bn+1.6% of GDPvery likely · >99% | no public figure | €2bn4 July 2023 |
| 6 | Spain | €2bn0.13% of GDP · €40 per personrange €1.4bn to €2.4bn | €1.2bn0.08% of GDP | €0.73bn0.05% of GDP | +€16.6bn+1.1% of GDPvery likely · >99% | no public figure | €1bn16 December 2022 |
| 7 | Switzerland | €2bn0.23% of GDP · €219 per personrange €1.5bn to €2.2bn | €1.1bn0.13% of GDP | €0.85bn0.10% of GDP | +€8.7bn+1.0% of GDPvery likely · >99% | €7.3bnJune 2026 | €9.1bn1 June 2026 |
| 8 | United States | €1.6bn<0.01% of GDP · €5 per personrange €0.84bn to €2.9bn | €0.84bn<0.01% of GDP | €0.77bn<0.01% of GDP | +€132bn+0.51% of GDPvery likely · >99% | €4.7bnSeptember 2023 | no public figure |
| 9 | Luxembourg | €1.4bn1.7% of GDP · €2,062 per personrange €0.48bn to €2.4bn | €43m0.05% of GDP | €1.4bn1.7% of GDP | +€2.9bn+3.5% of GDPvery likely · >99% | <€1mNovember 2025 | €5.5bnDecember 2022 |
| 10 | Netherlands | €1.1bn0.10% of GDP · €59 per personrange €0.76bn to €1.3bn | €0.66bn0.06% of GDP | €0.41bn0.04% of GDP | +€54.1bn+5.1% of GDPvery likely · >99% | no public figure | €0.10bnOctober 2024 |
| 11 | Poland | €0.85bn0.11% of GDP · €23 per personrange €0.61bn to €1.00bn | €0.55bn0.07% of GDP | €0.30bn0.04% of GDP | +€37.8bn+5.0% of GDPvery likely · >99% | no public figure | €34mMarch 2022 |
| 12 | Austria | €0.81bn0.17% of GDP · €89 per personrange €0.57bn to €1.1bn | €0.43bn0.09% of GDP | €0.39bn0.08% of GDP | +€2.1bn+0.45% of GDPlikely toward Ukraine · 68% | no public figure | €1.5bn2024 |
| 13 | Sweden | €0.71bn0.13% of GDP · €67 per personrange €0.51bn to €0.84bn | €0.46bn0.08% of GDP | €0.25bn0.05% of GDP | +€20.1bn+3.7% of GDPvery likely · >99% | no public figure | €43mSeptember 2024 |
| 14 | Ireland | €0.65bn0.12% of GDP · €121 per personrange €0.46bn to €0.77bn | €0.26bn0.05% of GDP | €0.39bn0.07% of GDP | +€9.5bn+1.8% of GDPvery likely · >99% | no public figure | €1.9bn7 March 2024 |
| 15 | Denmark | €0.49bn0.13% of GDP · €82 per personrange €0.35bn to €0.58bn | €0.32bn0.08% of GDP | €0.17bn0.05% of GDP | +€15.5bn+4.0% of GDPvery likely · >99% | no public figure | no public figure |
| 16 | Finland | €0.40bn0.15% of GDP · €71 per personrange €0.29bn to €0.47bn | €0.26bn0.09% of GDP | €0.14bn0.05% of GDP | +€23.1bn+8.5% of GDPvery likely · >99% | no public figure | €0.19bnJanuary 2023 |
| 17 | Romania | €0.35bn0.11% of GDP · €18 per personrange €0.25bn to €0.41bn | €0.22bn0.07% of GDP | €0.12bn0.04% of GDP | +€8.9bn+2.8% of GDPvery likely · 99% | no public figure | no public figure |
| 18 | Japan | €0.34bn<0.01% of GDP · €3 per personrange €0.17bn to €0.65bn | €0.32bn<0.01% of GDP | €27m<0.01% of GDP | +€12.2bn+0.30% of GDPvery likely · >99% | no public figureestimate: about €28bn | no public figure |
| 19 | Portugal | €0.34bn0.13% of GDP · €32 per personrange €0.25bn to €0.40bn | €0.22bn0.08% of GDP | €0.12bn0.05% of GDP | +€3.5bn+1.3% of GDPvery likely · >99% | no public figure | no public figure |
| 20 | Czechia | €0.30bn0.10% of GDP · €28 per personrange €0.22bn to €0.36bn | €0.20bn0.06% of GDP | €0.11bn0.04% of GDP | +€8bn+2.6% of GDPvery likely · 97% | no public figure | €0.35bn2023 |
| 21 | Greece | €0.29bn0.13% of GDP · €28 per personrange €0.21bn to €0.34bn | €0.19bn0.08% of GDP | €0.10bn0.05% of GDP | +€0.18bn+0.08% of GDPessentially zero | no public figure | no public figure |
| 22 | Cyprus | €0.21bn0.64% of GDP · €152 per personrange €0.13bn to €0.27bn | €24m0.08% of GDP | €0.18bn0.57% of GDP | +€1.2bn+3.6% of GDPvery likely · >99% | no public figure | €1.2bnOctober 2025 |
| 23 | Hungary | €0.20bn0.10% of GDP · €21 per personrange €0.14bn to €0.23bn | €0.13bn0.07% of GDP | €70m0.04% of GDP | −€11.4bn−6.0% of GDPvery likely · 97% | no public figure | no public figure |
| 24 | Slovakia | €0.13bn0.11% of GDP · €24 per personrange €95m to €0.15bn | €85m0.07% of GDP | €47m0.04% of GDP | +€0.29bn+0.24% of GDPtoo close to call · 58% toward Ukraine | no public figure | no public figure |
| 25 | Bulgaria | €100m0.10% of GDP · €15 per personrange €72m to €0.12bn | €64m0.07% of GDP | €36m0.04% of GDP | +€3.1bn+3.3% of GDPlikely toward Ukraine · 95% | no public figure | no public figure |
| 26 | Canada | €95m<0.01% of GDP · €2 per personrange €29m to €0.48bn | €77m<0.01% of GDP | €18m<0.01% of GDP | +€10.6bn+0.51% of GDPvery likely · >99% | no public figure | €0.11bnNovember 2025 |
| 27 | Croatia | €87m0.11% of GDP · €23 per personrange €63m to €0.10bn | €56m0.07% of GDP | €31m0.04% of GDP | +€1.2bn+1.5% of GDPvery likely · >99% | no public figure | no public figure |
| 28 | Slovenia | €79m0.13% of GDP · €37 per personrange €57m to €92m | €51m0.08% of GDP | €28m0.04% of GDP | +€0.42bn+0.66% of GDPlikely toward Ukraine · 88% | no public figure | no public figure |
| 29 | Lithuania | €76m0.10% of GDP · €26 per personrange €55m to €90m | €49m0.07% of GDP | €27m0.04% of GDP | +€8.8bn+11.9% of GDPvery likely · >99% | no public figure | €0.10bnAugust 2023 |
| 30 | Latvia | €49m0.13% of GDP · €26 per personrange €35m to €57m | €31m0.08% of GDP | €17m0.04% of GDP | +€2.2bn+5.6% of GDPvery likely · >99% | no public figure | €0.15bnDecember 2025 |
| 31 | Estonia | €47m0.12% of GDP · €34 per personrange €34m to €55m | €30m0.08% of GDP | €17m0.04% of GDP | +€4.1bn+10.8% of GDPvery likely · >99% | no public figure | €20mNovember 2022 |
| 32 | Singapore | €46m<0.01% of GDP · €8 per personrange €0m to €0.23bn | €46m<0.01% of GDP | – | −€2bn−0.41% of GDPlikely toward Russia · 75% | no public figure | no public figure |
| 33 | Malta | €20m0.10% of GDP · €35 per personrange €14m to €23m | €13m0.06% of GDP | €7m0.03% of GDP | +€0.25bn+1.2% of GDPvery likely · 95% | no public figure | no public figure |
| 34 | South Korea | €18m<0.01% of GDP · <€1 per personrange €0m to €0.19bn | €18m<0.01% of GDP | – | +€18.1bn+1.1% of GDPvery likely · 99% | no public figure | no public figure |
| 35 | Australia | €15m<0.01% of GDP · €1 per personrange €6m to €89m | €8m<0.01% of GDP | €7m<0.01% of GDP | −€0.61bn−0.04% of GDPessentially zero | no public figure | no public figure |
Each row: the best estimate, then its range in the same unit and sign. The chances of the direction are for each country's totals, on its page.
Questions
How much Russian money does Euroclear hold?
Euroclear, the securities depository in Belgium, reports €202bn of sanctioned Russian assets on its balance sheet (June 2026). That figure overlaps the Bank of Russia reserves immobilised in the EU, about €210bn (December 2025), and is not added to them. The table counts the return Russia lost on frozen money in each country, not these amounts.
Where are frozen Russian assets held?
By the return Russia lost on them since 2022, the table starts with Belgium, France and Germany. In Belgium the lost return comes to €10.8bn (1.8% of one year's GDP).
Is the frozen money counted as aid to Ukraine?
No. The return Russia lost on frozen money is its own line, added to the net: it is not support for Ukraine and not part of what Russia kept from trade. Loans to Ukraine repaid from the proceeds of Russian assets are left out of donors' aid, since Russia pays for them.
Why not show the amount frozen?
The scale of the site is money moved toward Ukraine or Russia over the war. A frozen amount is a stock that still belongs to Russia; what Russia loses each year is the return it would have earned, so that is what is counted.
The amount columns show the amounts frozen at the date shown, for context: the table is sorted by the return Russia lost, not by these amounts. “No public figure” does not mean that nothing is frozen; an estimate is marked as one.
Related
Ranking · Support for Ukraine by country · Trade with Russia by country · All topics · How it works
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Cite as: War Balance, figures to August 2026, https://warbalance.org/frozen-russian-assets/