Overview
- EU ambassadors backed a revised Article 122 plan and launched a written procedure for Council sign‑off to keep about €210 billion in Russian state assets frozen until Russia ends its war and pays reparations.
- The change replaces six‑month unanimous renewals with qualified‑majority control, sharply limiting the ability of Hungary and Slovakia to block future rollovers.
- Russia’s central bank filed a lawsuit against Euroclear in the Moscow Arbitration Court over the freeze and said any direct or indirect use of its reserves would be illegal.
- Belgium and Euroclear oppose using the assets as collateral, and EU governments are preparing state guarantees to shield Belgium and the depository from potential legal or financial claims.
- EU leaders plan to decide on the reparations‑loan framework for Ukraine at the December 18–19 European Council, with safeguards and the funding structure still under negotiation.