Overview
- EU ambassadors agreed to an Article 122–based measure that would put frozen Russian central‑bank assets on a longer‑term legal footing, with final approval pending a written procedure and political discussions.
- The shift is intended to pave the way for using part of the assets to underpin a major Ukraine loan estimated at a minimum of €90 billion for 2026–2027.
- Roughly €235 billion is frozen in Europe, about €210 billion of it held in Belgium, where the government has resisted the plan and signaled it could block adoption without strong guarantees.
- The Bank of Russia called the EU move illegal, cited sovereign‑immunity arguments, and announced legal action, including lawsuits targeting Euroclear in Russia with potential filings in foreign and international venues.
- France’s foreign minister hailed the indefinite immobilization as a major step, saying the assets should remain blocked until Russia ends its aggression and pays reparations, reflecting Paris’s position rather than a finalized EU legal outcome.