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Euroclear Reportedly Eases Rules on Frozen Russian Eurobond Payments for European Investors
March 27, 2026
Euroclear Bank SA has reportedly eased its rules, allowing European holders of Russia’s eurobonds to recover payments frozen by sanctions since 2022. The Belgian-based clearing house now allows certain transactions for non-US investors to proceed without requiring authorization from the US Treasury’s OFAC. This change, clarified at the end of 2025, specifically applies to an “asset swap” mechanism where frozen Russian assets at Euroclear are used to compensate foreign bondholders. While sanctions remain, Euroclear can now process these dollar payments internally, provided they are approved by Belgian authorities and involve no US persons. As per reports, ~€13bn of the €193bn in frozen assets at Euroclear belong to private Russian investors. This is considered more than sufficient to cover the estimated $2.3bn in outstanding coupons and redemptions owed to foreigners.
Russia’s dollar bonds were trading stable. with its long-maturity notes due post 2040 trading at 67-70 cents on the dollar.
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