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
‘Behind the Mask’ Sequel Set After 20 Years, Reuniting Original Director and Cast for ‘The Return of Leslie Vernon’ (EXCLUSIVE)
Leslie Vernon will rise again.
It’s been 20 years since the 2006 slasher mockumentary “Behind the Mask: The Rise of Leslie Vernon” became an indie horror hit, and a long-discussed sequel is officially underway, Variety can confirm. Titled “Behind the Mask II: The Return of Leslie Vernon,” it will follow the further adventures of the then-rising serial killer Leslie Vernon.
Director Scott Glosserman and writer David J. Stieve are returning for the sequel, as well as original stars Nathan Baesel, Angela Goethals and Robert Englund.
“For 20 years, people have asked if Leslie would ever come back. The truth is, he never really left,” Glosserman said in a statement. “Fans kept this movie alive by sharing it, quoting it, introducing it to their friends, and treating it like something worth holding onto. This sequel is happening because of them.”
A Kickstarter is also launching to help supplement the scope of the film. While the film is getting made even without fan support, Glosserman said additional funds can help expand it.
“We’re making the movie either way,” Glosserman said. “But the more the audience gets involved, the bigger we can make it. Bigger set pieces. More cameos. More surprises. This has always been a fan-driven film, and it still is.”
Paper Street Pictures, a filmmaker-first genre company led by Aaron B. Koontz and Cameron Burns, is producing the sequel.
“Aaron, Cam, and the entire Paper Street team never stopped believing there was more story to tell with Leslie,” Glosserman said. “Their support and persistence over the years made a huge difference in getting us here. They’ve built a home for bold horror filmmakers, and I couldn’t imagine making this sequel with anyone else.”
Adam F. Goldberg (“The Goldbergs,” “Shelby Oaks”) is also joining as an executive producer.
Watch the trailer for the first “Behind the Mask” film below.
World
Inside Tehran after strikes: Iranian woman describes fear, checkpoints and people used as ‘human shields’
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An anonymous Iranian woman has bravely stepped forward on the international stage to describe what’s really happening on the ground in Tehran as President Donald Trump’s two-week ceasefire with Iran tentatively began Tuesday.
In an essay published in The Australian, the anonymous author details nightly explosions, sweeping checkpoints and communications blackouts as a part of Iranian daily life since the beginning of operations launched by the United States and Israel in February.
“In effect, ordinary people have been turned into human shields within a vast militarized landscape,” she wrote. “A pervasive sense of anger, paranoia and exhaustion has taken hold.”
Flagrant public executions of protesters by the thousands by the Iranian regime in January moved residents to cheer on the initial days of attacks by U.S. and Israeli forces as Operation Epic Fury began on Feb. 28.
WHY TRUMP, IRAN SEEM LIGHT-YEARS APART ON ANY POSSIBLE DEAL TO END THE WAR
Iranians gather after a ceasefire announcement at Enqelab Square, Wednesday, in Tehran. The U.S. and Iran agreed to a two-week ceasefire Tuesday, barely an hour before President Donald Trump’s deadline to obliterate the rival country was set to expire. Tehran temporarily reopened the vital Strait of Hormuz. (AFP via Getty Images)
“They say they’ve hit the leader’s residence,” the author’s daughter was quoted saying. “All the children were screaming and cheering. … Even our teacher was quietly snapping their fingers and dancing.”
The author described everyday Iranians celebrating the death of Supreme Leader Ayatollah Khamenei that same Saturday, and the streets of Tehran filling with cheers of “death to the dictator.”
“Perhaps for the first time,” the anonymous author recalled, “we allowed ourselves to believe our long-held dream was beginning to take shape.”
RED CROSS SHARES AUDIO OF IRANIAN CIVILIAN EXPLAINING SITUATION ON THE GROUND IN TEHRAN: ‘NO RESPITE’
A woman sits on rubble across from a building damaged during airstrikes March 12 in Tehran, Iran. (Vahid Salemi/AP)
But soon enough, the reality of day-to-day life under a threatened, crumbling regime and ongoing attacks took a toll. One of the harshest realities those on the ground in Iran face is the internet blackout, effectively ending communications with the outside world and leading to great uncertainty at the hands of the regime.
“So far, none of those close to us have suffered physical harm, but no night is calm,” the Iranian woman wrote. “What weighs most heavily is not only the war itself, but the possibility that it may end leaving behind a regime even more authoritarian, more repressive and more violent.”
According to the author, a stubborn faction of regime supporters remain, blasting propaganda on loudspeakers nightly through the streets of Tehran and reinforcing its authority to those who support the revolution.
TRUMP’S IRAN CEASEFIRE ROCKED WITHIN HOURS AMID REPORTED MISSILE, DRONE ATTACKS
Rescue workers search through the rubble of a collapsed building after an airstrike March 27 in Tehran, Iran. (Majid Saeedi/Getty Images)
“The streets are now covered with checkpoints,” she wrote. “Under bridges and along main roads, movement is restricted. Long traffic lines form. Young people are stopped, their phones inspected under the pretext of routine checks.”
After the announcement of the ceasefire between U.S. forces and the Iranian regime Tuesday, the author said, most of her country went to sleep that night in a “state of deep anxiety.”
“What weighs most heavily is not only the war itself, but the possibility that it may end up leaving behind a regime even more authoritarian, more repressive, and more violent,” the author notes.
She urged a ceasefire that is not “abandonment,” but peace, destabilizing the Iranian regime.
“A ceasefire that stabilizes the current order, without addressing the demands that have brought Iranians into the streets for years, risks being experienced not as peace, but as abandonment,” the author wrote.
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Negotiations between Iran and the U.S. are scheduled to begin Friday in Pakistan.
“We wait, and we continue, in whatever ways possible, to insist that light will eventually overcome this darkness,” she concluded.
The Australian notes the author remains anonymous for “fear of retribution.”
World
Trump issues NATO ultimatum to reopen Strait of Hormuz ‘within days’
US President Donald Trump has said allies must find a solution within days to reopen the Strait of Hormuz. Any operation would likely involve deploying military vessels and personnel to the region, despite initial reluctance from European allies.
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NATO Secretary General Mark Rutte has informed key member states of Trump’s demands following talks in Washington on Thursday.
Rutte is in the US capital for a three-day visit, which included meetings at the White House with Trump, Secretary of State Marco Rubio and Defence Secretary Pete Hegseth. The conflict involving the US, Israel and Iran, as well as the closure of the Strait of Hormuz, was high on the agenda.
Ahead of the visit, Trump reiterated threats to reconsider US participation in NATO, criticising European allies for rejecting his calls to contribute assets to secure the strait, which has been largely closed to international shipping by Iran.
Following the talks, Rutte said Trump was “absolutely disappointed” over the issue.
“It was a very frank, very open discussion, but also a discussion between two good friends,” Rutte said of the private meeting held without media access.
On Thursday, Rutte reportedly contacted European capitals from Washington to relay Trump’s insistence that allies produce a plan to reopen the strait.
A NATO spokesperson confirmed to Euronews: “The Secretary General is in contact with allies about his discussions in Washington. It’s clear that the United States expects concrete commitments and action to ensure freedom of navigation in the Strait of Hormuz.”
Trump also criticised allies on social media, saying “none of these people, including our own, very disappointing NATO, understood anything unless they have pressure placed upon them.”
Last week, more than 40 countries joined a coalition aimed at securing free passage through the strait, a critical shipping route for global energy supplies, once the most intense phase of the conflict between the United States, Israel and Iran ends.
Governments including the UK, Germany, Finland, Norway, France and Spain had initially said they would not deploy troops or naval forces, arguing they were not responsible for an offensive operation in Iran.
However, Trump has insisted he wants a plan within days, regardless of ongoing instability.
A source close to the discussions told Euronews it would be in the interest of NATO countries to respond positively, or risk wider consequences for collective security.
“What this all means for NATO is effectively up to the nations of NATO,” the source said. “Will they act, and if they do, will they act constructively towards their and the Alliance’s collective security and meet their obligations?”
NATO allies are now holding accelerated discussions on how to reopen the strait in the most practical and efficient way. Sources said Trump has told Rutte a plan must be developed “within days rather than weeks”.
“They are going to have to come up with some form of physical presence in the region,” the source said.
“As we know, this piece of geography is water-based, so this will likely involve some form of naval vessels and personnel to operate them,” they added.
Allies could also potentially rely on intelligence support and demining operations, sources told Euronews.
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