Defence

The European Union on Thursday 23 October applied more economic sanctions on Russia, adding to U.S. President Donald Trump’s new punitive measures the previous day against the Russian oil industry. However, EU leaders meeting in Brussels have so far failed to reach a deal on using Russian frozen assets. European capitals were hoping to convince Belgium, which houses the international deposit organisation Euroclear and is worried about legal repercussions, that a reparation loan from the funds is workable. Most of the €200 billion in Russian central bank assets frozen by the EU are held in Euroclear. However, Belgian Prime Minister Bart De Wever has so far been skeptical, reiterating during the European Council meeting on Thursday that certain conditions must first be met before a €140 billion loan can be given to Ukraine using Russia’s frozen assets. Russian officials and state media dismissed the new Western measures, saying they are largely ineffective.