Frozen Russian Assets, Russia Lawfare, And Europe’s High-Stakes Gamble

As European Union leaders meet in Brussels, they face a decision regarding frozen Russian assets with consequences far beyond Ukraine’s front lines. At issue are the vast Russian assets immobilized under EU sanctions and held largely at Euroclear, the Brussels-based securities depository embedded in the plumbing of global finance. The immediate question is whether those frozen assets can be used—carefully, legally, and indirectly—as collateral to help unlock financing for Ukraine. Time is not on Kyiv’s side. Without new mechanisms, Ukraine is expected to confront a serious funding squeeze by April 2026, as the war grinds on and political support for…