EU has indefinitely frozen €210 billion in Russian foreign-exchange reserves, mostly held by Euroclear in Belgium, and is discussing converting those funds into reparations loans and grants to finance Ukraine's defense and reconstruction.Bill Browder wrote in "The Sunday Times" that seizing and transferring the reserves to Kyiv would let Europe buy artillery, drones and ammunition, reduce reliance on US aid under the Trump administration, shift the strategic balance against Vladimir Putin and empower Volodymyr Zelensky to reject a bad peace deal.Yulia Svyrydenko welcomed the move and
António Costa reiterated EU commitment, but several member states pushed back, the
Bank of Russia sued
Euroclear and officials are proposing collective guarantees to shield
Belgium from potential damages.