In a significant escalation of financial pressure on Moscow, the European Union has moved to indefinitely freeze approximately 210 billion euros ($246 billion) in Russian sovereign assets held within the bloc. This decision, finalized by EU governments, removes the previous requirement to renew the freeze every six months and is designed to prevent member states with closer ties to Russia, like Hungary and Slovakia, from potentially blocking its extension in the future. EU Council President Antonio Costa stated the measure fulfills a commitment to immobilize these assets until Russia ends its war against Ukraine and compensates for damages. The primary objective of this permanent freeze is to pave the way for using the funds to underwrite a massive loan of up to 165 billion euros for Ukraine, intended to cover its military and budgetary needs in 2026 and 2027. With the vast majority of these frozen assets held by the Belgian clearing house Euroclear, EU leaders are expected to offer Belgium financial guarantees against potential legal repercussions from Russia when they finalize the loan plan in mid-December.
The EU’s decision has sparked fierce condemnation from Moscow and its allies. Hungarian Prime Minister Viktor Orbán, a vocal critic of EU support for Kyiv, accused the European Commission of „systematically raping European law” and declared the move marked the end of the rule of law within the bloc. Simultaneously, Russia’s Central Bank announced it had filed a lawsuit in Moscow against Euroclear for damages, denouncing the EU’s plans to use the frozen assets as „illegal” and a violation of international principles of sovereign immunity. This legal and political confrontation unfolds alongside intensified diplomatic efforts to broker a ceasefire. The United States is pushing a peace framework, which Ukraine has returned with revisions after initial criticism that it conceded too much to Russian demands. Key points of negotiation include the potential establishment of a „free economic zone” in parts of the contested Donbas region and the nature of future security guarantees for Ukraine, which French officials suggest could resemble a NATO-style defense clause involving Washington.
On the ground, military engagements continue as diplomatic talks advance. Ukrainian forces report reclaiming territory in the northeastern front-line town of Kupiansk and encircling Russian troops there, with President Volodymyr Zelenskyy emphasizing that battlefield successes strengthen Ukraine’s diplomatic position. In a notable expansion of the conflict’s geography, Ukraine’s special forces claimed a long-range operation in the Caspian Sea, striking two Russian vessels allegedly used for weapons transfers with Iran. This incident, following a reported drone attack on a Russian oil rig in the same area, underscores Ukraine’s strategy to project force against Russian logistics far beyond the immediate front lines. As fighting rages and high-level reconstruction talks involve figures like BlackRock’s Larry Fink, the stage is set for a pivotal week of diplomacy, with Zelenskyy scheduled to meet European and NATO leaders in Berlin to further coordinate military and financial support.
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