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EU dismisses Russia’s lawsuit against Euroclear as ‘speculative’

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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.

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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.

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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.

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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”.

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A look at the Hajj pilgrimage and Eid al-Adha and their significance to Muslims around the world

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A look at the Hajj pilgrimage and Eid al-Adha and their significance to Muslims around the world

Once a year, large numbers of Muslim pilgrims converge in Saudi Arabia, uniting in religious rituals and acts of worship as they perform the Hajj. While fulfilling a religious obligation, they immerse themselves in what can be a spiritual experience of a lifetime for them and a chance to seek God’s forgiveness and the erasure of past sins.

This year, the Hajj has been approaching against the backdrop of a tenuous ceasefire in the Iran war and related tensions and uncertainty in the Middle East.

Earlier in the year, travel chaos from the war ensnared some of the Muslims who were in Saudi Arabia performing “Umrah,” often referred to as the lesser or minor pilgrimage. Some were stranded and scrambled to find their way home.

Here’s a look at the annual Hajj pilgrimage and its significance to Muslims.

The Hajj is one of the pillars of Islam

The Hajj is the annual Islamic pilgrimage to Mecca in Saudi Arabia and involves a series of religious rituals. It’s required once in a lifetime of every Muslim who can afford it and is physically able to make it. Some Muslims make the journey more than once.

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It is one of the Five Pillars of Islam, in addition to the profession of faith, prayer, almsgiving and fasting.

The annual Islamic pilgrimage cycles through the seasons

The Hajj occurs once a year during the lunar month of Dhul-Hijja, the 12th and final month of the Islamic calendar year. This year, the Hajj will officially start on Monday.

When the Hajj falls during the summer months, the intense heat can be especially challenging. Amid extreme high temperatures in 2024, more than 1,300 people died during Hajj, according to Saudi authorities. The country’s health minister said at the time that the vast majority of the fatalities were unauthorized pilgrims who walked long distances under the sun.

A religious obligation and a spiritual experience

For pilgrims, performing the Hajj fulfills a religious obligation and is also a deeply spiritual experience. It’s seen as a chance to seek God’s forgiveness, to grow closer to God and to walk in the footsteps of prophets.

Communally, the Hajj unites Muslims of diverse races, ethnicities, languages and economic classes from around the world. It leaves many feeling unity, connection and humility. Pilgrims also show up with their own personal appeals, wishes and experiences.

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Many pilgrims bring with them prayer requests from family and friends that they would like to be said on their behalf.

Some spend years hoping and praying to one day perform the Hajj or saving up money and waiting for a permit to embark on the trip.

Ahead of the journey, preparations may include packing various essentials for the demanding trip, seeking tips from those who’ve performed the pilgrimage before, attending lectures or consulting other educational material to prepare spiritually and physically.

Pilgrims perform a series of religious rituals

Pilgrims make the intention to perform the Hajj and they enter a state of “ihram.” Being in ihram includes abiding by certain rules and prohibitions. For instance, men are not to wear regular sewn or stitched clothes that encircle the body, such as shirts, during ihram. Instead, there are simple ihram cloth garments for men; scholars say the purpose is to discard luxuries and vanity, shed worldly status symbols and immerse the pilgrim in humility and devotion to God.

A spiritual highlight of the Hajj for many is standing on the plain of Arafat, where pilgrims praise God, plead for forgiveness and make supplications. Many raise their hands in worship with tears streaming down their faces.

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Other rituals include performing “tawaf,” which involves circling the Kaaba in Mecca counterclockwise seven times. The Kaaba, a cube-shaped structure, is the focal point toward which Muslims face during their daily prayers from anywhere in the world.

Among other rituals, pilgrims retrace the path of Hagar, or Hajar, the wife of Prophet Ibrahim, known as Abraham to Jews and Christians. Muslims believe Hagar ran between two hills seven times searching for water for her son.

The Islamic holiday of Eid al-Adha

Eid al-Adha, or the “Feast of Sacrifice,” is the Islamic holiday that begins during the Hajj, on the 10th day of the Islamic lunar month of Dhul-Hijja.

A joyous occasion celebrated by Muslims around the world, Eid al-Adha marks Ibrahim’s willingness to sacrifice his son as an act of submission to God. During the holiday, Muslims slaughter sheep or cattle and distribute some meat to poor people.

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Associated Press religion coverage receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.

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US arrests sister of powerful Cuban official over alleged ties to communist regime

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US arrests sister of powerful Cuban official over alleged ties to communist regime

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The United States has arrested the sister of the executive president of GAESA, a sprawling conglomerate of military-run businesses in Cuba, due to her alleged ties to the communist regime.

GAESA has been cited for reportedly diverting millions in aid meant for the Cuban people “at the behest of the regime,” Secretary of State Marco Rubio said in a post on X Thursday.

Adys Lastres Morera was taken into ICE custody after the State Department revoked her lawful permanent resident (LPR) status, according to Rubio.

Morera, who was managing real estate assets while living in Florida, reportedly aided Havana’s communist government, officials said.

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ALLEGED MEMBER OF CUBA’S MINISTRY OF THE INTERIOR ARRESTED BY ICE AGENTS IN MIAMI

Secretary of State Marco Rubio speaks to reporters in a departure lounge at Robert L. Bradshaw International Airport in Basseterre, Saint Kitts and Nevis, on Feb. 25, 2026. (Jonathan Ernst/Pool/Reuters)

Her status termination was carried out at Rubio’s discretion. Morera entered the United States as a lawful permanent resident in 2023, Reuters reported. 

“Today, Adys Lastres Morera, a Cuban national with ties to the communist regime in Havana, was arrested following the Department of State’s termination of her lawful permanent resident (LPR) status, at my direction,” Rubio said.

RUBIO SAYS CUBA NEEDS ‘NEW PEOPLE IN CHARGE’ AS BLACKOUTS, UNREST GRIP ISLAND

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Morera is the older sister of Ania Guillermina Lastres Morera, who was sanctioned earlier this month for her role as executive president of GAESA.  

GAESA has been described by officials as an exploitative communist entity that siphons resources from the Cuban population.

The State Department announced Thursday that the department has stripped the residency status of Adys Lastres Morera. (J. David Ake/Getty Images)

“While the Cuban people suffer from the collapse of Cuba’s non-functioning communist economy, GAESA functions to allow a small circle of regime elites to plunder all the remaining resources of the island, squirreling away as much as $20 billion in illicit funds away in hidden overseas bank accounts,” Rubio said. 

He added that Ania Guillermina Lastres Morera, as a senior executive, is responsible for managing international assets allegedly used to fund the “lavish lifestyles” of the Castro-era elite, as well as supporting efforts tied to broader ideological influence abroad.

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A Cuban flag is seen at a U.S. embassy in Havana. (AP)

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Rubio also pointed to worsening conditions inside Cuba, including widespread blackouts and severe shortages of food, fuel, and medicine, arguing that GAESA is diverting resources away from basic needs under the communist system.

“GAESA’s ill-gotten riches are not spent on repairing the collapsing power grid, stocking empty pharmacies, feeding hungry families, or providing for the most basic and essential needs of the Cuban people. Instead, they are used to enrich Havana’s elites and underwrite their ongoing campaign of espionage, subversion, and revolutionary militancy against the free peoples of this hemisphere,” he said. 

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Dombrovskis rules out easing Russia sanctions despite inflation fears

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Dombrovskis rules out easing Russia sanctions despite inflation fears

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Also on today’s show:

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Euronews’ Luca Bertuzzi reports on the EU’s economic outlook for 2026 and what European leaders like Italy’s Giorgia Meloni or Hungary’s Péter Magyar are proposing to curb the energy crisis.

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Interview with Javi López, Vice-President of the European Parliament (S&D), on the EU-Mexico summit.

Explainer by Jakub Janas: Can Hungary’s new prime minister Péter Magyar revive the Visegrád group?

Euronews’ Sándor Zsíros reports on whether a post-Orbán Visegrád alliance could regain influence in Brussels.

We talk to journalist and writer Jada Yuan live from France about why this year’sCannes Film Festival has become a battleground over politics, ideology and artistic freedom.

When and where to watch Europe Today?

You can join Euronews’ chief anchor Méabh Mc Mahon and our EU editor Maria Tadeo live on TV and Euronews’ website and digital platforms every weekday.

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