World
EU dismisses Russia’s lawsuit against Euroclear as ‘speculative’
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The European Commission has dismissed as “speculative” and groundless a lawsuit launched by the Russian Central Bank against Euroclear, the Brussels-based central securities depository that holds €185 billion in immobilised assets.
In a short statement published on Friday morning, the Russian Central Bank announced the start of legal proceedings for the “recovery of damages” and blamed Euroclear for preventing the release of the assets, which are subject to EU law.
The lawsuit was submitted to the Arbitration Court in Moscow.
The development comes with the EU still hammering out a plan to channel Russia’s sovereign assets into a zero-interest reparations loan to Ukraine, a process with Euroclear at its centre. EU leaders are meant to make a final decision when they meet on 18 December.
“Our proposal is legally robust and fully in line with EU and international law. The assets are not seized, and the principle of sovereign immunity is respected,” Valdis Dombrovskis, the European Commissioner for the Economy, said on Friday afternoon.
“We kind of expect that Russia will continue to launch speculative legal proceedings to prevent the EU from upholding international law and to pursue the legal obligation for Russia to compensate Ukraine for the damages it has caused.”
According to Dombrovskis, all European institutions that have Russian assets, from Euroclear to private banks, will be “fully protected” against Moscow’s retaliation. The EU has controlled €210 billion in assets of the Russian Central Bank since February 2022.
The sanctions regime already allows Euroclear to “offset” any potential loss, he added.
For example, if a Russian court orders the seizure of the €17 billion that Euroclear has on Russian soil, Euroclear will be allowed offset the loss by tapping into the €30 billion that its Russian counterpart, the National Settlement Depository, has stored within the EU.
Additionally, the reparations loan, if approved, will introduce a new mechanism to deal with state-to-state disputes. If Russia seizes the sovereign assets of Belgium in retaliation, Belgium will be allowed to “offset” the lossagainst the €210 billion, while Russia will not recover the amount it has seized when the assets are freed.
The Belgian factor
The legal safeguards are meant to allay the concerns of Belgium, which remains the chief opponent of the reparations loan. Belgian Prime Minister Bart De Wever has repeatedly warned of the risk a successful legal challenge could pose.
“We put forward a proposal. We are confident in its legality and its court-proof character,” a Commission spokesperson said.
Euroclear, which declined to comment, has previously criticised the reparations loan as “very fragile”, legally risky and overtly experimental.
The lawsuit comes a day after EU countries agreed to trigger an emergency clause to immobilise the Russian Central Bank assets for the foreseeable future.
Under the new law, the €210 billion will be released only when Russia’s actions “have objectively ceased to pose substantial risks” for the European economy and Moscow has paid reparations to Kyiv “without economic and financial consequences” for the bloc – a high bar that is unlikely to be cleared any time soon, if ever.
The indefinite immobilisation is meant to further placate Belgium and Euroclear in order to facilitate the approval of the reparations loan next week.
In a separate statement, the Russian Central Bank said it “reserves the right, without further notice, to apply all available remedies and protections if the proposed initiatives of the European Union are upheld or implemented”.
World
US and Ukraine target 1,000-vessel ‘dark fleet’ smuggling sanctioned oil worldwide
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A 1,000-strong “dark fleet” of rogue oil tankers skirting sanctions has emerged as a new target for the U.S. and Ukraine, a senior maritime intelligence analyst claims.
Michelle Wiese Bockmann warned the aging fleet poses geopolitical risks and threats of $1 billion oil spills, with the recent U.S. seizures in Venezuela and Ukrainian drone strikes in the Black Sea marking a turning point for both nations in their efforts.
“There are about 1,000 vessels worldwide that are trading sanctioned crude tankers containing sanctioned Iranian, Venezuelan and Russian oil,” Bockmann told Fox News Digital.
“These vessels are a lifeline for these regimes, because they’re used for shipping oil to fund the war in Ukraine, and also give money to the illicit Maduro regime,” she added.
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U.S. seized the Skipper, a Venezuelan oil tanker. ( Planet Labs PBC/Reuters)
“This is a brand-new problem for the U.S., and now Ukraine has signaled they are going to target these vessels the same way,” she said. “There is a new strategy to deal with this dark fleet, which is the lifeline of sanctioned oil revenues, and now under attack by the U.S. and Ukraine. The strategy is all to counter what we call gray-zone aggression.”
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White House press secretary Karoline Leavitt was questioned about the U.S. seizing an oil tanker off the coast of Venezuela. (Planet Labs PBC/Handout via Reuters )
Recent Ukrainian naval drone strikes have disabled several tankers in the Black Sea, including the Dashan, part of Russia’s so-called shadow fleet that Ukraine says helps Moscow export oil in defiance of sanctions, according to Reuters.
“It is dangerous and could be interpreted as a form of gray-zone aggression in order to continue to keep oil revenue flowing,” Bockmann said.
“This is all a billion-dollar oil spill catastrophe waiting to happen,” she added, pointing to the environmental and navigational risks posed by poorly maintained, uninsured ships.
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Footage of the Dashan tanker, purportedly part of the Russian shadow fleet hit by Ukraine. (Security Service Official/Handout via Reuters)
She said a subset of “about 350 to 400 vessels at any one time are not only sanctioned but falsely flying flags, which is dangerous,” because false registration leaves vessels stateless and uninsured, putting crews at risk.
“This is a huge issue for maritime safety, it’s a menace to the environment, and it entails crew welfare,” Bockmann said.
These vessels, she said, are typically “elderly” and used solely for sanctioned oil trades. Many also “manipulate AIS” to show they are in one place when they are actually elsewhere.
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Dashan, a tanker from Russia’s shadow fleet, transits the Bosphorus en route to the Black Sea in Istanbul. (Yoruk Isik/Reuters)
“They use false flagging, but also, spoofing and manipulating its AIS to show it’s in one place when it’s not. These vessels have also gone to fraudulent registries that don’t exist, which means they have no insurance,” she said. “Their certificates of seaworthiness are invalid, and they have relied on international maritime conventions to have what’s called the right of innocent passage so they can’t get intercepted.”
Bockmann said U.S. forces have used legal tools including Article 110 of the United Nations Convention on the Law of the Sea, which allows boarding of stateless vessels, to stop these ships.
“It’s my belief that they used Article 110, and they got on board that vessel, and they were absolutely entitled to remove that vessel from global trade,” she said.
VENEZUELA ACCUSES US OF ‘PIRACY’ AFTER SEIZING MASSIVE OIL TANKER
Attorney General Pam Bondi speaks during a roundtable meeting on Antifa with President Donald Trump in the State Dining Room at the White House, on Wednesday, Oct. 8, 2025, in Washington, D.C. (Evan Vucci/AP)
In the Caribbean, U.S. forces recently seized the tanker Skipper, sanctioned in 2022 and found to be masking its location, under a federal warrant as part of a broader campaign to disrupt illicit oil shipping.
“The recent Venezuelan tanker was carrying 1.8 million barrels of oil uninsured, so that’s a billion-dollar maritime disaster waiting to happen,” Bockmann said.
As reported by Fox News Digital, Dec. 12 saw Attorney General Pam Bondi frame the U.S. seizure of a Venezuelan crude tanker as a sanctions-enforcement action rooted in a federal court warrant.
Meanwhile, in the Black Sea, Ukraine targeted multiple alleged “shadow fleet” tankers with sea drones, according to Reuters.
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“The three tankers that have been targeted by Ukraine are all in ballast, which means that they weren’t carrying oil,” Bockmann said.
“That was carefully chosen, and they were also falsely flagged, just like in the recent case of the three tankers attacked in Ukraine. That flag was Gambia. In the U.S. case of Skipper, the flag was Guyana,” Bockmann said.
Fox News Digital’s Morgan Phillips contributed to this report.
World
Analysis: Trump’s policies set to widen EU-US innovation gap
As the curtain falls on 2025, policymakers in Brussels have yet to decisively counter the negative economic impacts of two major developments: the trade deal struck between the European Union and the United States this summer, and President Trump’s so-called “Big Beautiful Bill”, a mammoth piece of domestic legislation with global economic implications.
The EU’s slow progress toward improving relative business conditions at such a volatile moment has left investors frustrated and looking elsewhere.
According to a report published this week by the European Round Table for Industry, the leaders of the bloc’s industrial giants are “alarmed at the lack of urgency in delivering on Draghi and Letta’s bold reforms to restore the business case for investing in Europe.”
The report also points to a survey of CEOs conducted in October, which shows that only 55% expect to stick to their investment plans. Even worse, a mere 8% intend to invest more in Europe than they planned to six months prior, in contrast with the 38% who will either invest less than previously intended or have put decisions on hold.
And most tellingly, the US now attracts more investment than originally planned by 45% of respondents.
The ‘carrot-and-stick’ approach
The Trump administration’s combination of supply-side economics and protectionism has converted the necessity of avoiding US tariffs into a massive financial incentive for foreign companies and multinationals to invest in the United States directly.
The Big Beautiful Bill, which Trump signed into law in July, formalised huge tax breaks and effectively guaranteed incentives to shift investments across the Atlantic. Namely, the 100% bonus depreciation for new machinery and factories, as well as the 100% immediate expensing of domestic research and development (R&D) costs, mitigating the expenses of moving production and innovation to the US.
Companies have until 1 January 2026 to finalize their decisions and collect retroactive benefits for capital deployed in 2025, but the conditions will remain the same next year.
To compound the EU’s growing inability to compete, the heavily criticised EU-US trade deal was agreed in the same month. The agreement de-escalated the transatlantic trade war of 2025 but it levied a 15% tariff on the vast majority of the EU’s industrial exports to the US, with an exemption from duties for most US-made goods bound for the EU market.
In addition, the EU committed to spending over €640 billion in US energy, investing more than €500 billion in the US economy and buying around €35 billion worth of US-made AI chips, until the end of President Trump’s mandate. Meanwhile, the United States made no similar pledges.
As for corporations, the choice became simple: relocate investment to the US, avoid the tariff and claim massive tax deductions.
The innovation gap in numbers
The R&D siphon is the most critical threat to Europe’s future competitiveness, as the Trump administration’s new incentives pull core innovation to the US.
In the most innovative industries, such as the AI and healthcare sectors, the numbers for 2025 already demonstrate the chasm between the EU and the US.
In the first three quarters of this year, private investment flowing into US AI companies exceeded €100 billion, with the US capturing over 80% of global AI funding. In contrast, the entire EU attracted just shy of €7 billion, according to the widely read State of AI Report 2025.
This severe 15-to-1 funding deficit means the technological future is being built and scaled primarily outside the EU, something that has been recognised by the European Parliament.
Likewise, the EU is aiming to achieve 20% market share in semiconductor manufacturing by 2030, as outlined in the Chips Act, but experts say such a goal is unlikely given that Europe is among the slowest growers in the sector year-on-year.
Furthermore, the EU is even falling behind on AI adoption among young users, according to a new survey by the Organisation for Economic Cooperation and Development.
As for the pharmaceutical industry, CEOs sent a stark warning to President von der Leyen back in April that “unless Europe delivers rapid, radical policy change then pharmaceutical research, development and manufacturing is increasingly likely to be directed towards the US.”
In the following weeks, fuelled by the fear of the ongoing transatlantic trade war at the time and frustration with the European regulatory scene, the third largest company in Europe by market capitalization, the Swiss-based Roche, committed over €40 billion in US investment over the next five years. Likewise, the French multinational Sanofi announced an investment of €17 billion to expand manufacturing in the US through 2030.
In July, as the Big Beautiful Bill and the EU-US trade deal were being agreed, the British-Swedish company AstraZeneca also declared investing over €40 billion in the US over the next five years, including the construction of a chronic disease research centre in the state of Virginia, the company’s largest single investment in a facility to date.
In November, the White House announced a large-scale agreement between two pharmaceutical rivals, the American manufacturer Eli Lilly, and the Danish corporation Novo Nordisk, known for pioneering the prescription drug for type 2 diabetes, Ozempic, which has also been widely used off-label for weight loss.
The two companies agreed a strategy to reduce the prices of several medications for Americans and announced new investments in the US, with Novo Nordisk committing roughly €8.5 billion to expand US manufacturing capacity. In exchange, the Danish company is expected to receive a three-year exemption from US tariffs, among other benefits.
In total, the European pharmaceutical industry has pledged more than €100 billion for US expansion in 2025 alone with multi-year commitments.
The scramble to deregulate
The pressure applied by the US is evident as this year has seen the European Commission pivot to an aggressive deregulation agenda.
In response to a request from the European Council, six simplification proposals, referred to as “omnibuses”, have been presented since February covering energy, finance, agriculture, technology, defence and chemicals.
Notably, the so-called Digital Omnibus was introduced in November, and it includes delays to provisions of the AI Act and modifications to the GDPR.
These initiatives aim to rapidly cut red tape and reduce bureaucratic costs for European businesses in an attempt to stem the outflow of talent and capital. However, the proposed measures are still facing legislative scrutiny, as well as administrative oversight and political backlash from privacy and climate advocates, among others.
It was only this week that an agreement was finally reached on the first omnibus, another sign that the EU is still far from offering the immediate financial certainty of minimising or avoiding US tariffs while benefiting from President Trump’s policies where possible.
The numbers reveal the plain economic truth: while the EU debates the fine print of deregulation, the investment in innovation is already being decisively relocated.
World
Dakota Johnson Joins Lily Allen to Play ‘Madeline’ on ‘SNL’
Star Dakota Johnson made a surprise appearance on “Saturday Night Live” this week, playing the mysterious “Madeline” during Lily Allen‘s performance of that track. The song was Allen’s second of the night.
During the performance, Johnson was mostly hidden behind a screen through the song, as Allen sang about the mistress. But Johnson performed the spoken word portion of the song, which appears on Allen’s album “West End Girl.” In the track, Allen notes that she and her signficant other “had an arrangement: Be discreet and don’t be blatant. And there had to be payment. It had to be with strangers. But you’re not a stranger, Madeline.”
Later in the song, “Madeline” explains her side of the story via texts to Allen: “I hate that you’re in so much pain right now. I really don’t wanna be the cause of any upset. He told me that you were aware this was going on and that he had your full consent. If he’s lying about that, then please let me know. Because I have my own feelings about dishonesty. Lies are not something that I wanna get caught up in. You can reach out to me any time, by the way. If you need any more details or you just need to vent or anything. Love and light, Madeline.”
After reading those lines, Johnson came out from behind the curtain and walked up to Allen — and gave her a quick kiss.
“Madeline” is one of the standout tracks from Allen’s new album “West End Girl,” and has led to much speculation over who the mysterious pseudonym is (or might be a composite of). At least one person has told the press that she is “Madeline,” although Allen has said that it’s actually a composite of several women.
For her first “SNL” number, Allen performed “Sleepwalking” from “West End Girl,” in a bedroom set under a neon sign. Given the saucy lyrics, Allen did have to censor herself, omitting the lyric, “Why aren’t we fucking, baby?” (She did the same thing with “Madeline,” avoiding part of the line “I’m not convinced that he didn’t fuck you in our house.”)
Allen appeared on “Saturday Night Live” to promote “West End Girl,” which has been met with wide acclaim for its brutal honesty and craftsmanship. The album addresses her split from “Stranger Things” star David Harbour, without ever mentioning him by name. (As characterized through scathing lyrics on songs such as “Pussy Palace,” “Sleepwalking” and “Madeline.”)
In his Variety review, Chris Willman called “West End Girl” a contender for album of the year. He wrote of “savoring every confessional line and wondering what the hell she was going to tell us in the next one to top it. It’s the pleasure of listening to a master storyteller who makes your jaw drop by seeming to have spilled all the tea almost at the outset, and then the tea just keeps on coming. Not since Boston in 1773, maybe, has anyone dumped it this massively, or this fulfillingly.”
“West End Girl” repped Allen’s first album release since 2018. Allen has announced a tour next March to support the album, which marks Allen’s first time touring since 2019.
This is Allen’s second time on “Saturday Night Live,” following an appearance on the Feb. 3, 2007 episode hosted by Drew Barrymore. During that episode, Allen performed the tracks “Smile” and “LDN” from her debut album “Alright, Still.”
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