08 December 2025
Walking a Tightrope
The EU’s proposed Reparations Loan – using immobilised Russian state assets to finance support for Ukraine – sits on precarious legal and political ground. While the Commission argues the scheme is temporary, reversible, and defensible under international and EU law, critics warn that it risks disguised confiscation, countermeasures, investment claims, and long-term damage to Europe’s financial stability. Belgium’s strong objections highlight the deep uncertainties surrounding a mechanism that touches vital national and Union interests ahead of a decisive European Council meeting. Continue reading >>
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13 June 2025
Overcoming the Hungarian Veto
A Russian victory over Ukraine would make a military confrontation with Europe more likely. To prevent this, the Union must prolong the Russian sanctions, including the freezing of 200 billion EUR in central bank assets. The prolongation of these sanctions requires a unanimous decision pursuant to Article 31(1) TEU. Hungary threatens to obstruct this decision. We propose a way to end Hungary's obstruction. It requires no grand actions, only a few interpretative steps and a narrow political consensus. Continue reading >>04 April 2025
Frozen Russian State Assets
In February 2022, a coalition of states including all G7 economies froze approximately US$300 billion in Russian state assets. Over the past three years, debates have been unfolding as to how these funds can be used to enforce Russia’s obligation to pay reparations to Ukraine. With the prospect of EU sanctions unravelling in July 2025, legal debates over countermeasures and state immunities appear to be ceding stage to concerns over whether CBR assets ought to be ring-fenced in a separate fund to keep it out of Russia’s reach. Continue reading >>
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