World Business Report EU set to put forward proposal to spend Russian state assets
Dec 3, 2025
Timothy Ash, a strategist and Russia expert, discusses the EU's plan to use frozen Russian state assets to fund Ukraine, raising concerns about Belgium's legal exposure. Susan Schmidt offers insights into the EU's gradual phase-out of Russian gas and its market implications. Francisco Monaldi highlights Venezuela's oil potential and the geopolitical motivations behind US actions in the region. On a lighter note, John Lawrenson reports on Lugano's acceptance of Bitcoin, capturing local reactions to its growing presence in everyday commerce.
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Using Frozen Assets As Loan Collateral
- The EU will use immobilised Russian central bank assets held mainly in Belgium as collateral to finance large loans for Ukraine.
- The scheme aims to fund defence and budgetary needs while keeping assets technically immobilised, not seized.
Belgium’s Legal Concerns Over Euroclear Assets
- Belgium, which holds most immobilised Russian assets at Euroclear, warned the reparations loan is "risky" and unprecedented.
- Belgium demanded guarantees and mutualisation of legal risk beyond its own exposure.
Circumventing Vetoes For Urgent Action
- The EU used emergency procedures to bypass unanimous vetoes from holdout members like Hungary and Slovakia.
- Rely on qualified-majority or emergency rules when unanimous decisions block urgent collective action.