Overview

• After talks in Copenhagen, Kaja Kallas said ministers agreed it is unthinkable that Russia regains access to the funds unless it fully pays for war damages.
• Roughly €210 billion in Russian state assets remain immobilized in the EU, with about €183 billion held at Euroclear in Belgium belonging to the Russian central bank.
• Profits from the immobilized reserves are directed to Ukraine through the European Peace Facility, generating about €3–5 billion annually and underpinning a G7-backed loan of roughly $50 billion.
• Belgium’s foreign minister Maxime Prevot ruled out confiscation for now, citing international law protections and warning that seizure could trigger systemic financial instability and erode trust in the euro.
• Hungary has sued the Council of the EU over EPF-related aid decisions for Ukraine, arguing its opposition was improperly disregarded.