Brussels just locked down €210 billion of Russian Central Bank cash. What's next?
They called Europe "weak".
Well, Brussels just locked down €210 billion of Russian Central Bank cash. Most of it sits right here in Belgium, in Euroclear. Think of it as the world’s most nervous piggy bank.
Until now, keeping it frozen required a unanimous vote every six months. That made the cash a hostage to vetoes, especially Hungary’s.
So, last week, the EU pulled a legal trick: an "emergency clause".
In times of crisis, it allows for majority voting to bypass unanimity so that no single country can veto. Now, the assets are frozen indefinitely.
To free them, you would need another majority vote in favour of Russia. Good luck with that.
Moscow has already sued Euroclear, but the EU calls it "speculative". Belgium is nervous about the legal risks, but the clock is ticking.
Why the rush? This Thursday, the EU leaders meet for a make-or-break summit.
They need to raise €90 billion to keep Ukraine defending itself. With Russian sabotage already hitting Europe, we could be next.
Hungary's PM Viktor Orbán, a well-known practitioner of veto power, calls the move a "Brusselian dictatorship".
But for others, it is a preview of a stronger EU. One that finally stops letting a single country, in times of emergency, turn off the lights.
Watch the Euronews video in the player above for the full story.