Overview
- About €210 billion in Russian central‑bank assets held across European institutions, much of it at Euroclear, is under debate to fund Ukraine’s defense and budget needs.
- Germany has signaled it will include Russian holdings located in Germany in the plan, according to negotiating sources at the Brussels summit.
- A compromise under discussion would use EU member‑state guarantees so financial institutions could reimburse Russia immediately if funds must later be returned.
- Belgium has highlighted legal and financial risks tied to Euroclear’s large exposure, and by Thursday evening leaders had not announced a final decision.
- Ukrainian President Volodymyr Zelensky urged swift action, while Poland’s Donald Tusk warned, “either today money or tomorrow blood,” underscoring the stakes for Kyiv.