Last Friday, December 12, 2025, the European Union agreed to indefinitely freeze €210 billion of Russian central bank assets held in Europe, clearing a key hurdle for channeling funds to Ukraine without routine six-month renewals.
The move underscores Brussels’ view that uninterrupted financial support is vital as Russia’s military campaign continues to challenge European security.
A Game-Changer for Ukraine
This shift from periodic extensions to a permanent freeze could unlock billions in aid. EU officials estimate these immobilized sovereign assets, frozen since early 2022, can now back loans, grants, and guarantees to sustain Kyiv’s front-line defense.
Belgium Sounds the Alarm
Not everyone is on board. Belgium, home to the central securities depository Euroclear, is bracing for potential fallout. Euroclear chief executive Valérie Urbain warns that deploying such a large sum could "destabilise the international financial system" and expose Belgium to significant liabilities.
Euroclear also holds an estimated €16–17 billion immobilized in Russia, amplifying domestic financial exposure.
Belgian Prime Minister Bart De Wever has set what he calls "rational, reasonable, and justified conditions" before approving any reparations framework—and hasn’t ruled out legal action if the plan "poses significant risks" for his country.
What Comes Next
EU leaders will now work out the mechanics of transferring and managing the assets, balancing the need for rapid aid delivery to Ukraine with safeguards against market disruption.
For young global citizens, entrepreneurs, and changemakers, this unfolding story offers a real-time case study in geopolitics and finance. Will Brussels find the right balance between solidarity and stability? Stay tuned as the EU navigates uncharted financial terrain to support Ukraine.
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Could release of frozen Russian assets come at Belgium's expense?
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