🇪🇺💼 This week in Brussels, EU leaders have been deep in talks about tapping billions in frozen Russian assets to back Ukraine. But Russia isn't standing still – it just filed a major lawsuit!
Russia sues Euroclear over frozen funds
On Thursday, the Central Bank of Russia lodged a claim with the Moscow Arbitration Court against Belgium-based clearing house Euroclear. Moscow accuses Euroclear of illegally freezing and using its assets and is demanding over 18 trillion rubles (around $225 billion) plus lost profits. The court's first hearing is set for January 16, 2026.
Summit focus: a reparation loan
From December 18 to 19, EU leaders have been weighing a proposal to use frozen Russian assets as collateral for bonds. The proceeds would be lent to Ukraine now, then repaid post-conflict as potential war reparations. Ukrainian President Volodymyr Zelenskyy is in Brussels urging a green light for this plan and hopes to mobilize roughly 210 billion euros held in the EU.
Lines drawn in the sand
Not everyone's on board. Hungary and Slovakia remain opposed. Belgium warns that seizing the assets could breach international law, harm Euroclear's stability, and spark Russian retaliation. Belgian Prime Minister Bart De Wever called current EU guarantees insufficient to cover the risks. These objections blocked agreement back in October.
What's next?
A source says German Chancellor Merz may propose using Russia's central bank assets held in Germany as a compromise. Meanwhile, Russia's Foreign Ministry has vowed to respond – possibly by seizing EU corporate assets in Russia or restricting exports of key materials like nickel and fertilizers.
US steps in
A White House official reveals US and Russian envoys will meet in Miami this weekend to discuss a peace plan. Zelenskyy also plans to send a Ukrainian delegation to Washington soon to push for a diplomatic path forward.
It's a high-stakes chess game of law, finance, and diplomacy – stay tuned as this story unfolds! 🔍
Reference(s):
Russia sues Euroclear as EU debates frozen assets for Ukraine
cgtn.com
