Overview
- - The Times, citing senior UK officials, reports EU countries are close to a deal with a possible announcement this or next week to channel up to £100 billion to Kyiv from frozen Russian funds.
- - More than €200 billion of Russian reserves are held in the EU, with roughly €180–193 billion concentrated at Belgium’s Euroclear, and Belgium is reported to be blocking a deal over fear of reprisals.
- - The European Commission’s proposal envisions a ‘reparational credit’ converting about €185–€210 billion for Ukraine’s 2026–27 financing, while €18.1 billion in income from these assets has already been transferred this year through November.
- - Italy’s European affairs minister Tommaso Foti says none of the options under discussion can be confidently deemed compatible with international law, underscoring significant legal risk.
- - Investor and diplomatic pushback is mounting, with 28 cases seeking at least €53 billion—many via ISDS—filed by sanctioned Russian businesspeople, and Japan’s deputy finance minister publicly denying a report that Tokyo cannot participate.