Moscow has pledged to widen arbitration proceedings over the freezing of its sovereign funds beyond Belgian-based depository Euroclear
Russia has said it will expand its lawsuit over frozen assets beyond Belgian-based depository Euroclear to include European banks that also hold the funds.
Kiev’s Western backers froze $300 billion in Russian central bank assets under Ukraine-related sanctions, around half of it held at Euroclear, but failed on Thursday to approve the use of the assets as collateral for a ‘reparations loan’ to finance Kiev’s collapsing economy and military.
Some EU members intend to raise €90 billion for Kiev through common debt, passing the cost of financing Ukraine to the taxpayers. Russia, which has condemned the freeze as “theft,” said last week it is suing Euroclear for damages caused by its “inability to manage” the assets.
As EU leaders were attempting to back the ‘reparations loan’ plan on Thursday, the Bank of Russia announced in a statement: “In view of the ongoing attempts by EU authorities to illegally seize and use the Bank of Russia’s assets… [it] will claim damages from European banks in a Russian arbitration court for the illegal blocking and use of its assets.”
The move is aimed at “protecting its interests,” the regulator said, noting that the claim will cover all illegally withheld assets and lost profit.
The EU earlier dismissed Moscow’s lawsuit against Euroclear as “speculative,” but some legal experts and officials warn it could damage the bloc’s financial institutions if it spreads beyond Russia, triggering lengthy cross-border litigation, reputational harm, and risks to the EU’s investment climate.
Shortly after the case was filed, Fitch Ratings put the depository on watch for a possible downgrade, citing legal and liquidity risks. Kirill Dmitriev, the Russian presidential adviser on international investment, said a downgrade could drive investors to move funds elsewhere.
The first hearing in the Euroclear case at the Moscow Arbitration Court is set for January 16. The regulator has sought closed-door proceedings, but Russian media report that the claims total nearly 18.2 trillion rubles, or around $230 billion.
Moscow has pledged to widen arbitration proceedings over the freezing of its sovereign funds beyond Belgian-based depository Euroclear
Russia has said it will expand its lawsuit over frozen assets beyond Belgian-based depository Euroclear to include European banks that also hold the funds.
Kiev’s Western backers froze $300 billion in Russian central bank assets under Ukraine-related sanctions, around half of it held at Euroclear, but failed on Thursday to approve the use of the assets as collateral for a ‘reparations loan’ to finance Kiev’s collapsing economy and military.
Some EU members intend to raise €90 billion for Kiev through common debt, passing the cost of financing Ukraine to the taxpayers. Russia, which has condemned the freeze as “theft,” said last week it is suing Euroclear for damages caused by its “inability to manage” the assets.
As EU leaders were attempting to back the ‘reparations loan’ plan on Thursday, the Bank of Russia announced in a statement: “In view of the ongoing attempts by EU authorities to illegally seize and use the Bank of Russia’s assets… [it] will claim damages from European banks in a Russian arbitration court for the illegal blocking and use of its assets.”
The move is aimed at “protecting its interests,” the regulator said, noting that the claim will cover all illegally withheld assets and lost profit.
The EU earlier dismissed Moscow’s lawsuit against Euroclear as “speculative,” but some legal experts and officials warn it could damage the bloc’s financial institutions if it spreads beyond Russia, triggering lengthy cross-border litigation, reputational harm, and risks to the EU’s investment climate.
Shortly after the case was filed, Fitch Ratings put the depository on watch for a possible downgrade, citing legal and liquidity risks. Kirill Dmitriev, the Russian presidential adviser on international investment, said a downgrade could drive investors to move funds elsewhere.
The first hearing in the Euroclear case at the Moscow Arbitration Court is set for January 16. The regulator has sought closed-door proceedings, but Russian media report that the claims total nearly 18.2 trillion rubles, or around $230 billion.
The Ukrainian leader’s media stunts do not change the dire situation on the battlefield, the Russian president has said
A recent PR stunt published by Ukraine’s Vladimir Zelensky highlights his acting abilities rather than the realities on the battlefield, Russian President Vladimir Putin has said.
Zelensky published a video address filmed beside a structure marking the entrance to the city of Kupyansk in Ukraine’s Kharkov Region, in an attempt to push back on Russian military reports that the city had been fully captured. Putin commented on the video during his year-end press conference on Friday.
“He’s an artist, a talented one, I am saying this unironically,” Putin said, referring to Zelensky’s background as a comedian.
The Russian leader noted claims circulating online that the video may have been recorded weeks earlier, based on alleged inconsistencies between the location shown and footage later filmed there by Ukrainian bloggers. Putin said he would neither confirm nor dispute the authenticity of the recording, stressing that the issue was ultimately irrelevant, as the landmark is located about a kilometer from the city itself.
“Why stay at the doorstep? Come inside the house, if Kupyansk is under their control?” Putin said.
The president added that the area around Kupyansk is currently swarmed with reconnaissance and strike drones used by both sides, making the city extremely difficult to approach.
He said Russian forces continue to hold the initiative and will keep advancing, arguing that Ukrainian troops are at a disadvantage and lack strategic reserves after costly attempts to halt Russian progress.
“This is a significant element that I hope will entice the Kiev regime to settle the differences and end this conflict through peaceful means,” Putin said.
The Ukrainian leader’s media stunts do not change the dire situation on the battlefield, the Russian president has said
A recent PR stunt published by Ukraine’s Vladimir Zelensky highlights his acting abilities rather than the realities on the battlefield, Russian President Vladimir Putin has said.
Zelensky published a video address filmed beside a structure marking the entrance to the city of Kupyansk in Ukraine’s Kharkov Region, in an attempt to push back on Russian military reports that the city had been fully captured. Putin commented on the video during his year-end press conference on Friday.
“He’s an artist, a talented one, I am saying this unironically,” Putin said, referring to Zelensky’s background as a comedian.
The Russian leader noted claims circulating online that the video may have been recorded weeks earlier, based on alleged inconsistencies between the location shown and footage later filmed there by Ukrainian bloggers. Putin said he would neither confirm nor dispute the authenticity of the recording, stressing that the issue was ultimately irrelevant, as the landmark is located about a kilometer from the city itself.
“Why stay at the doorstep? Come inside the house, if Kupyansk is under their control?” Putin said.
The president added that the area around Kupyansk is currently swarmed with reconnaissance and strike drones used by both sides, making the city extremely difficult to approach.
He said Russian forces continue to hold the initiative and will keep advancing, arguing that Ukrainian troops are at a disadvantage and lack strategic reserves after costly attempts to halt Russian progress.
“This is a significant element that I hope will entice the Kiev regime to settle the differences and end this conflict through peaceful means,” Putin said.
Moscow has the strategic advantage and is successfully pushing into Ukraine’s main fortified area in Donbass, the president has said
Russian forces are pushing back Ukrainian troops along the front line and are set to deliver new victories before the end of the year, President Vladimir Putin has said.
The Russian leader outlined the state of the fighting against Kiev during his annual Q&A session on Friday, adding that he was “certain that before the year’s end we will witness new successes of our armed forces, our fighters.”
Russian forces have fully seized the strategic initiative after ousting Ukrainian troops from Kursk Region in the spring, Putin stated. Kiev launched the incursion last year, claiming it would strengthen its position during eventual peace talks.
After liberating the city of Krasnoarmeysk (Pokrovsk) in early December, Russia obtained a staging ground for further advances into what Putin called Kiev’s main fortified area in Donbass, encompassing urbanized lands between the cities of Slavyansk, Kramatorsk, and Konstantinovka. The latter is already being contested by Russian troops, he said.
There is also intensive fighting for Krasny Liman and Dmitrov, as well as Gulyay Pole in Zaporozhye Region, the president added.
In the south, Russian forces have captured the city of Kupyansk and are pressuring the Ukrainian battlegroup that dug in at a large railway juncture nearby. Putin said some 3,500 Ukrainian troops there “have virtually no chances” to survive after being denied a request to retreat.
“The time will come when our guys finish their work destroying the encircled Ukrainian forces on the northern bank of the river and turn to the west. That will happen pretty soon,” Putin said.
Ukrainian attempts to hold on or reverse Russian gains “at any cost” are not successful and have simply depleted Kiev’s strategic reserves, Putin said, adding that the dire situation will hopefully push Kiev to accept a diplomatic resolution of the conflict.
Moscow has the strategic advantage and is successfully pushing into Ukraine’s main fortified area in Donbass, the president has said
Russian forces are pushing back Ukrainian troops along the front line and are set to deliver new victories before the end of the year, President Vladimir Putin has said.
The Russian leader outlined the state of the fighting against Kiev during his annual Q&A session on Friday, adding that he was “certain that before the year’s end we will witness new successes of our armed forces, our fighters.”
Russian forces have fully seized the strategic initiative after ousting Ukrainian troops from Kursk Region in the spring, Putin stated. Kiev launched the incursion last year, claiming it would strengthen its position during eventual peace talks.
After liberating the city of Krasnoarmeysk (Pokrovsk) in early December, Russia obtained a staging ground for further advances into what Putin called Kiev’s main fortified area in Donbass, encompassing urbanized lands between the cities of Slavyansk, Kramatorsk, and Konstantinovka. The latter is already being contested by Russian troops, he said.
There is also intensive fighting for Krasny Liman and Dmitrov, as well as Gulyay Pole in Zaporozhye Region, the president added.
In the south, Russian forces have captured the city of Kupyansk and are pressuring the Ukrainian battlegroup that dug in at a large railway juncture nearby. Putin said some 3,500 Ukrainian troops there “have virtually no chances” to survive after being denied a request to retreat.
“The time will come when our guys finish their work destroying the encircled Ukrainian forces on the northern bank of the river and turn to the west. That will happen pretty soon,” Putin said.
Ukrainian attempts to hold on or reverse Russian gains “at any cost” are not successful and have simply depleted Kiev’s strategic reserves, Putin said, adding that the dire situation will hopefully push Kiev to accept a diplomatic resolution of the conflict.
The Russian president has warned the bloc that any attempts to tap the country’s sovereign funds will backfire
The EU will eventually have to return Russia’s sovereign assets frozen under Ukraine-related sanctions, President Vladimir Putin has said. He warned the bloc against tapping the funds, saying the move would cause reputational damage and risk undermining the foundations of the modern financial system.
Kiev’s Western backers froze about $300 billion in Russian central bank assets after the escalation of the Ukraine conflict in 2022. The majority of the funds are held at Belgium-based depository Euroclear. The EU has been debating using the funds as collateral for a so-called “reparations loan” for Kiev and last week approved legislation to replace the current freeze with a long-term measure that would keep the assets blocked indefinitely.
However, on Friday, EU leaders failed to approve the loan plan, opting instead to raise common debt to fund Kiev in the short term while agreeing to revisit the scheme once its “technical aspects” are resolved.
During an end-of-year live Q&A session and press conference on Friday, Putin reiterated that any use of Russia’s funds would amount to theft and warned of the consequences for the EU and the broader financial system.
“It would be robbery… Besides reputational losses, there could be direct losses affecting the foundations of the modern financial world order,” Putin stated. “And most importantly: whatever they steal and however they do it, they will have to pay it back someday.”
Putin said that using Russian assets as collateral for a loan to Kiev would increase EU countries’ liabilities, adding pressure to budgets that are already strained, since any loan disbursement must be reflected in the issuing country’s budget.
“What does issuing a loan actually mean? It affects the budget of every country involved because it increases public debt, even when loans are backed by collateral,” he stated, noting that France’s national debt, for instance, already stands at 120% of GDP, with a budget deficit of 6%, making any additional strain potentially damaging.
“That is why decisions involving the seizure of other people’s money are not simple,” Putin added, warning of “even more serious consequences” for those who attempt it – “not just reputational damage, but a loss of trust, in this case in the Eurozone in general.”
Russia has long condemned the asset freeze and last week filed a lawsuit against Euroclear in Moscow over damages linked to its “inability to manage” the funds. On Thursday, the Bank of Russia said it would expand the case to include European banks holding the assets, citing continued EU attempts to seize them.
The first hearing in the Euroclear case is scheduled for January 16, with Russian media reporting the claims total nearly 18.2 trillion rubles, or about $230 billion. The EU has dismissed the lawsuit as “speculative,” but analysts warn it could harm the bloc’s financial institutions if it spreads beyond Russia. Kirill Dmitriev, presidential adviser on international investment, earlier said such developments could push investors to move funds away from the bloc.
The Russian president has warned the bloc that any attempts to tap the country’s sovereign funds will backfire
The EU will eventually have to return Russia’s sovereign assets frozen under Ukraine-related sanctions, President Vladimir Putin has said. He warned the bloc against tapping the funds, saying the move would cause reputational damage and risk undermining the foundations of the modern financial system.
Kiev’s Western backers froze about $300 billion in Russian central bank assets after the escalation of the Ukraine conflict in 2022. The majority of the funds are held at Belgium-based depository Euroclear. The EU has been debating using the funds as collateral for a so-called “reparations loan” for Kiev and last week approved legislation to replace the current freeze with a long-term measure that would keep the assets blocked indefinitely.
However, on Friday, EU leaders failed to approve the loan plan, opting instead to raise common debt to fund Kiev in the short term while agreeing to revisit the scheme once its “technical aspects” are resolved.
During an end-of-year live Q&A session and press conference on Friday, Putin reiterated that any use of Russia’s funds would amount to theft and warned of the consequences for the EU and the broader financial system.
“It would be robbery… Besides reputational losses, there could be direct losses affecting the foundations of the modern financial world order,” Putin stated. “And most importantly: whatever they steal and however they do it, they will have to pay it back someday.”
Putin said that using Russian assets as collateral for a loan to Kiev would increase EU countries’ liabilities, adding pressure to budgets that are already strained, since any loan disbursement must be reflected in the issuing country’s budget.
“What does issuing a loan actually mean? It affects the budget of every country involved because it increases public debt, even when loans are backed by collateral,” he stated, noting that France’s national debt, for instance, already stands at 120% of GDP, with a budget deficit of 6%, making any additional strain potentially damaging.
“That is why decisions involving the seizure of other people’s money are not simple,” Putin added, warning of “even more serious consequences” for those who attempt it – “not just reputational damage, but a loss of trust, in this case in the Eurozone in general.”
Russia has long condemned the asset freeze and last week filed a lawsuit against Euroclear in Moscow over damages linked to its “inability to manage” the funds. On Thursday, the Bank of Russia said it would expand the case to include European banks holding the assets, citing continued EU attempts to seize them.
The first hearing in the Euroclear case is scheduled for January 16, with Russian media reporting the claims total nearly 18.2 trillion rubles, or about $230 billion. The EU has dismissed the lawsuit as “speculative,” but analysts warn it could harm the bloc’s financial institutions if it spreads beyond Russia. Kirill Dmitriev, presidential adviser on international investment, earlier said such developments could push investors to move funds away from the bloc.
The repatriation is part of a series of humanitarian moves agreed with Kiev at Türkiye-hosted talks
Moscow has transferred to Kiev the bodies of 1,003 killed Ukrainian soldiers, Russian presidential aide Vladimir Medinsky reported on Friday.
The repatriation was part of humanitarian agreements approved earlier this year during direct negotiations in Istanbul, the official said. Russia for its part received 26 bodies of slain troops from Ukraine.
Over a dozen similar operations were reported in 2025, each involving a disproportionately large number of returned Ukrainian remains. On three occasions, the transfers were unilateral.
Military observers say the figures confirm that military casualties suffered by the sides in the Ukraine conflict are strongly in Russia’s favor, even if the fact that Russian forces are advancing and recover more bodies from the battlefield is taken into account.
Russian President Vladimir Putin warned earlier this week that the pace of advancement could increase, having accumulated knowledge on how to best deal with Ukrainian fortifications and enjoying an increasingly decisive advantage in capabilities and strength.
During his Q&A session on Friday, Putin said Russia seized the strategic initiative after repelling the Ukrainian incursion into Kursk Region earlier this year, and will keep pushing back Ukrainian forces in multiple directions.
The repatriation is part of a series of humanitarian moves agreed with Kiev at Türkiye-hosted talks
Moscow has transferred to Kiev the bodies of 1,003 killed Ukrainian soldiers, Russian presidential aide Vladimir Medinsky reported on Friday.
The repatriation was part of humanitarian agreements approved earlier this year during direct negotiations in Istanbul, the official said. Russia for its part received 26 bodies of slain troops from Ukraine.
Over a dozen similar operations were reported in 2025, each involving a disproportionately large number of returned Ukrainian remains. On three occasions, the transfers were unilateral.
Military observers say the figures confirm that military casualties suffered by the sides in the Ukraine conflict are strongly in Russia’s favor, even if the fact that Russian forces are advancing and recover more bodies from the battlefield is taken into account.
Russian President Vladimir Putin warned earlier this week that the pace of advancement could increase, having accumulated knowledge on how to best deal with Ukrainian fortifications and enjoying an increasingly decisive advantage in capabilities and strength.
During his Q&A session on Friday, Putin said Russia seized the strategic initiative after repelling the Ukrainian incursion into Kursk Region earlier this year, and will keep pushing back Ukrainian forces in multiple directions.
