The article highlights that Euroclear, as a Belgium‐based central securities depository, holds a massive sum of Russian sovereign funds (approximately 183 billion euros) through contracts that enable it to profit from custody and settlement services. This business model indirectly supports authoritarian regimes by providing a secure repository for assets tied to state-controlled finances.

Euroclear approved its modern slavery and human trafficking statement on 17 July 2024, outlining enhanced measures including comprehensive supplier due diligence, updated supplier questionnaire, and targeted training programs for employees to identify and prevent modern slavery within its operations and supply chains.

Euroclear announced the release of its 2023 Annual and Sustainability reports, detailing significant ESG progress, digital innovation through the launch of its Digital Securities Issuance service, and the opening of a new Tech Hub in Krakow that created 400 new jobs. The reports also highlight the company's participation in COP 28 discussions and its transition to EU Corporate Sustainability Directive reporting.

Euroclear retained €5B in profits accrued in 2022-2023 from frozen Russian state assets, funds that according to EU proposals should support Ukraine's defensive efforts. The retention is meant to cover legal and operational risks, but critics argue that it indirectly undermines anti-authoritarian monetary reallocation.

Euroclear reported generating €4.4bn in 2023 from managing Russian assets frozen under EU sanctions. The process is part of a broader EU effort where these extraordinary profits are slated to support Ukraine, thereby indirectly countering authoritarian aggression.

By the end of 2023, Euroclear implemented robust measures to separate and transparently manage Russian sanction-related earnings. The company maintained clear records by allocating these funds separately, reinvesting cash balances without remuneration, and ensuring full compliance with both the spirit and letter of international sanctions, despite operational challenges.

Frozen assets belonging to Russia’s central bank held at Euroclear generated approximately $4.8 billion in interest income during 2023, raising concerns about the institution’s indirect role in supporting an authoritarian regime.

In September 2023, Euroclear launched its new Digital Securities Issuance (D-SI) service which enables the issuance, distribution, and settlement of fully digital international securities on a blockchain platform. The initiative, marked by the issuance of a digitally native note by the World Bank and complemented by a tokenised collateral mobility project with Digital Asset, underscores Euroclear’s commitment to innovative, digital financial market infrastructure.

Euroclear reported a surge in profits as payments related to Russian sanctions increased, while the company stopped accepting payments in roubles to comply with international sanctions. This move aligns its business practices with global efforts to limit financial transactions that could benefit authoritarian regimes.

Following international sanctions imposed in response to Russia’s actions in Ukraine, Euroclear Bank’s balance sheet has seen a significant increase in cash deposits held for the Bank of Russia. Under its contractual arrangements, the cash remains non‐remunerated, preventing its use as a safe house, while the interest income generated on these deposits could potentially be redirected by the European Union to support Ukraine. The report highlights a fivefold growth in the relevant subsidiary’s balance sheet since early 2022.