Overview
- EU governments approved indefinite immobilization of Russian central‑bank holdings, replacing six‑month renewals with a standing freeze tied to Moscow’s war and reparations.
- The move is intended to enable using the frozen funds to back or finance a large loan for Ukraine’s 2026–27 needs, with details due at the December 18 summit.
- Russia’s central bank filed suit in a Moscow arbitration court against Belgium‑based Euroclear and condemned the EU plan as illegal while the Foreign Ministry warned of a rapid response.
- Euroclear holds the bulk of the assets in question—roughly €185–193 billion—prompting concerns over legal exposure and losses that the EU seeks to offset with guarantees for Belgium.
- Hungary and Slovakia voiced strong objections as Viktor Orbán called the decision unlawful, while Switzerland aligned with the latest EU sanctions package.