Overview
- The EU Council adopted an emergency ban on any transfer of Central Bank of Russia assets held in the bloc, describing the immobilization as indefinite even though the legal text is framed as temporary.
- Roughly €210 billion in Russian sovereign assets are frozen in Europe, including about €185 billion at Euroclear in Belgium, which carries most of the legal and financial exposure.
- Russia’s central bank filed a lawsuit in a Moscow court against Euroclear, alleging unlawful actions over the blocked funds and signaling further legal pushback.
- The freeze removes a major procedural hurdle for a reparations‑style loan to Ukraine, with proposals reported from €90 billion up to roughly €165 billion for 2026–27, but Belgium is seeking binding guarantees to shield Euroclear and the state from liability.
- EU leaders will take up the guarantees and loan design on Dec. 18–19, as Belgium engages partners including the UK on risk‑sharing and as some G7 positions on the scheme remain mixed.