In the fall of 2025, Russian lawyers faced a sharp increase in the number of refusals by the Belgian Treasury to issue individual licenses to private investors to unblock assets in Euroclear, six lawyers specializing in such matters told Oninvest. This is due to new requirements of the Belgian regulator, which the latter began to apply retrospectively. The new conditions prove impossible for the majority of Russians who applied in 2024-2025 or transferred assets between brokers after 2023, the lawyers complain. They are already preparing their clients for a further fight - in the Belgian Council of State, Belgian courts and international investment arbitration, since Belgium will not accept corrected reapplications either.

99% rejection rate: how did Belgium deprive Russians of chances for quick unblocking of assets?

Apple Inc.

NVIDIA Corporation

AT&T Inc.

The Coca-Cola Company

For more than three years, only 55 Russians have been able to unblock their assets in European depositories. In total, the funds of 5 million retail investors were blocked. Now the return of funds has become even more difficult. And two investors from Russia are trying a new way of unfreezing: through international arbitration. Will it help?

Frozen billions: how Russian investors are looking for new ways to unlock assets

Alphabet Inc.

The court could, among other things, limit Google's payments to partners - in particular, Apple risks forfeiting $12.5 billion per year


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