Overview
- A technical meeting on Friday produced no breakthrough, with Belgian officials saying they have not seen sufficient alternative approaches from the European Commission.
- The Commission’s plan would channel up to €185 billion in immobilized Russian sovereign assets to fund a roughly €140 billion multi‑year reparations loan without formal confiscation.
- Belgium, home to Euroclear where most assets are held, seeks robust national guarantees exceeding €170 billion and legal assurances, including a mechanism to keep assets immobilized beyond six‑month sanctions renewals.
- EU officials expect the European Parliament to help craft the legal instrument, a step that could slow approval as Kyiv faces a potential funding shortfall by April and IMF support hinges on a credible EU commitment.
- The United States publicly backs the EU using the frozen assets, while Russia warns any expropriation would be treated as theft and met with immediate retaliation.