War Balance

Frozen Russian central bank reserves: every country since 2022

The return Russia lost on money frozen in each country: counted in the net (not in support or trade), and not the amount frozen. From 2022 to August 2026, 35 countries have this part; the table starts with Belgium, France and Germany.

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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 “Frozen Russian central bank reserves” in euros, high to low, 2022 to August 2026. + toward Ukraine, − toward Russia.

#CountryFrozen Russian central bank reservesRussian money frozen (return lost)Net
1Belgium€7.4bn1.2% of GDP · €622 per personrange €5bn to €8.5bn€10.8bn1.8% of GDP+€20.3bn+3.4% of GDPvery likely · >99%
2France€5bn0.18% of GDP · €73 per personrange €3.1bn to €6.1bn€6.5bn0.23% of GDP+€43.6bn+1.6% of GDPvery likely · >99%
3Germany€3.1bn0.08% of GDP · €38 per personrange €2.1bn to €3.8bn€5.3bn0.13% of GDP+€153bn+3.7% of GDPvery likely · >99%
4Italy€1.9bn0.09% of GDP · €32 per personrange €1.3bn to €2.3bn€3bn0.14% of GDP+€34.4bn+1.6% of GDPvery likely · >99%
5United Kingdom€1.8bn0.06% of GDP · €26 per personrange €1.1bn to €4.9bn€5bn0.16% of GDP+€58.4bn+1.8% of GDPvery likely · >99%
6Spain€1.2bn0.08% of GDP · €25 per personrange €0.84bn to €1.5bn€2bn0.13% of GDP+€16.6bn+1.1% of GDPvery likely · >99%
7Switzerland€1.1bn0.13% of GDP · €125 per personrange €0.77bn to €1.3bn€2bn0.23% of GDP+€8.7bn+1.0% of GDPvery likely · >99%
8United States€0.84bn<0.01% of GDP · €2 per personrange €0.44bn to €1.5bn€1.6bn<0.01% of GDP+€132bn+0.51% of GDPvery likely · >99%
9Netherlands€0.66bn0.06% of GDP · €36 per personrange €0.44bn to €0.79bn€1.1bn0.10% of GDP+€54.1bn+5.1% of GDPvery likely · >99%
10Poland€0.55bn0.07% of GDP · €15 per personrange €0.37bn to €0.66bn€0.85bn0.11% of GDP+€37.8bn+5.0% of GDPvery likely · >99%
11Sweden€0.46bn0.08% of GDP · €43 per personrange €0.31bn to €0.55bn€0.71bn0.13% of GDP+€20.1bn+3.7% of GDPvery likely · >99%
12Austria€0.43bn0.09% of GDP · €47 per personrange €0.27bn to €0.69bn€0.81bn0.17% of GDP+€2.1bn+0.45% of GDPlikely toward Ukraine · 68%
13Japan€0.32bn<0.01% of GDP · €3 per personrange €0.15bn to €0.59bn€0.34bn<0.01% of GDP+€12.2bn+0.30% of GDPvery likely · >99%
14Denmark€0.32bn0.08% of GDP · €53 per personrange €0.21bn to €0.38bn€0.49bn0.13% of GDP+€15.5bn+4.0% of GDPvery likely · >99%
15Ireland€0.26bn0.05% of GDP · €48 per personrange €0.18bn to €0.31bn€0.65bn0.12% of GDP+€9.5bn+1.8% of GDPvery likely · >99%
16Finland€0.26bn0.09% of GDP · €46 per personrange €0.17bn to €0.31bn€0.40bn0.15% of GDP+€23.1bn+8.5% of GDPvery likely · >99%
17Romania€0.22bn0.07% of GDP · €12 per personrange €0.15bn to €0.27bn€0.35bn0.11% of GDP+€8.9bn+2.8% of GDPvery likely · 99%
18Portugal€0.22bn0.08% of GDP · €21 per personrange €0.15bn to €0.27bn€0.34bn0.13% of GDP+€3.5bn+1.3% of GDPvery likely · >99%
19Czechia€0.20bn0.06% of GDP · €18 per personrange €0.13bn to €0.24bn€0.30bn0.10% of GDP+€8bn+2.6% of GDPvery likely · 97%
20Greece€0.19bn0.08% of GDP · €18 per personrange €0.13bn to €0.22bn€0.29bn0.13% of GDP+€0.18bn+0.08% of GDPessentially zero
21Hungary€0.13bn0.07% of GDP · €13 per personrange €86m to €0.15bn€0.20bn0.10% of GDP−€11.4bn−6.0% of GDPvery likely · 97%
22Slovakia€85m0.07% of GDP · €16 per personrange €57m to €0.10bn€0.13bn0.11% of GDP+€0.29bn+0.24% of GDPtoo close to call · 58% toward Ukraine
23Canada€77m<0.01% of GDP · €2 per personrange €11m to €0.46bn€95m<0.01% of GDP+€10.6bn+0.51% of GDPvery likely · >99%
24Bulgaria€64m0.07% of GDP · €10 per personrange €44m to €78m€100m0.10% of GDP+€3.1bn+3.3% of GDPlikely toward Ukraine · 95%
25Croatia€56m0.07% of GDP · €15 per personrange €38m to €68m€87m0.11% of GDP+€1.2bn+1.5% of GDPvery likely · >99%
26Slovenia€51m0.08% of GDP · €24 per personrange €34m to €61m€79m0.13% of GDP+€0.42bn+0.66% of GDPlikely toward Ukraine · 88%
27Lithuania€49m0.07% of GDP · €17 per personrange €33m to €59m€76m0.10% of GDP+€8.8bn+11.9% of GDPvery likely · >99%
28Singapore€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%
29Luxembourg€43m0.05% of GDP · €63 per personrange €29m to €0.46bn€1.4bn1.7% of GDP+€2.9bn+3.5% of GDPvery likely · >99%
30Latvia€31m0.08% of GDP · €17 per personrange €21m to €38m€49m0.13% of GDP+€2.2bn+5.6% of GDPvery likely · >99%
31Estonia€30m0.08% of GDP · €22 per personrange €21m to €37m€47m0.12% of GDP+€4.1bn+10.8% of GDPvery likely · >99%
32Cyprus€24m0.08% of GDP · €18 per personrange €16m to €29m€0.21bn0.64% of GDP+€1.2bn+3.6% of GDPvery likely · >99%
33South 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%
34Malta€13m0.06% of GDP · €23 per personrange €9m to €16m€20m0.10% of GDP+€0.25bn+1.2% of GDPvery likely · 95%
35Australia€8m<0.01% of GDP · <€1 per personrange €0m to €81m€15m<0.01% of GDP−€0.61bn−0.04% of GDPessentially zero

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.

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Cite as: War Balance, figures to August 2026, https://warbalance.org/frozen-russian-central-bank-reserves/