Since Russia's full-scale invasion of Ukraine in February 2022, the European Union has held approximately €210 billion in frozen Russian sovereign assets — most of them lodged in Belgium's Euroclear depository — and the question of what to do with that wealth has become one of the Union's most consequential and divisive debates. Four member states, led by Poland, are pressing to reopen the file ahead of an informal ministerial gathering in Ireland, arguing that the existing €90 billion loan falls short of what Ukraine needs to endure another winter of war. Belgium, bearing the greatest legal e