The fourth tranche of profits from immobilized Russian central bank assets highlights how traditional finance infrastructure remains the backbone of geopolitical economic warfare, with crypto playing a very different role on the margins. The European Commission transferred €1.4 billion in profits generated from frozen Russian central bank assets on March 31, routing the funds toward Ukraine’s war effort and loan repayment obligations. It’s the fourth such allocation, and the money comes from extraordinary revenues accrued during the second half of 2025 on roughly €210 billion in Russian central bank assets immobilized across EU central securities depositories, primarily Euroclear. The €210 billion in Russian central bank assets remains technically intact, just untouchable. That institutional capacity could be applied to other sanctions regimes, other asset classes, and potentially to crypto infrastructure itself.