Connect with us

News

EU Divided Over €140 Billion Reparations Loan for Ukraine Using Frozen Russian Assets

Published

on

European Union leaders remain at odds over an ambitious plan to use frozen Russian assets to fund a €140 billion loan for Ukraine, after Belgium blocked the proposal during a summit in Brussels this week. The initiative, designed to finance Ukraine’s military and reconstruction needs for 2026 and 2027, has become a major test of Europe’s political unity and financial resolve amid waning U.S. support for Kyiv.

The proposal would see the EU issue a “reparations loan” backed by roughly €185 billion in immobilised Russian central bank assets held at Euroclear, a Brussels-based securities depository. The funds, frozen since 2022 under Western sanctions following Moscow’s full-scale invasion of Ukraine, currently generate billions in annual windfall profits for Belgium.

However, Belgian Prime Minister Bart De Wever halted progress, citing fears of Russian retaliation and potential legal fallout. Belgium maintains an investment treaty with Moscow that could expose it to international arbitration if the assets are transferred. “If you take the money from my country and it goes wrong, I am not able—and certainly not willing—to pay €140 billion,” De Wever said after the summit. “Those who support this decision must guarantee that the solidarity will be there if things go sour.”

Despite the setback, EU officials agree on the goal: to make Russia, not European taxpayers, pay for the destruction in Ukraine. What remains unresolved is how to do it legally and safely.

Under the plan, Euroclear would transfer the cash to the European Commission, which would then issue the €140 billion loan to Ukraine in tranches tied to spending conditions, such as using the funds to purchase European-made equipment. Ukraine would only begin repayment after Russia ends the war and agrees to pay reparations, allowing Euroclear to eventually reimburse Moscow—a structure Brussels insists does not amount to confiscation.

See also  Germany Seizes Russian 'Shadow Fleet' Oil Tanker in Sanctions Crackdown

European Central Bank President Christine Lagarde has warned against any move that could be seen as seizing sovereign assets outright, but has indicated the reparations loan might be feasible with more technical safeguards. EU leaders are also calling for transparency about how much each member state holds in frozen Russian funds and how profits are being used.

Germany and the Netherlands expressed sympathy for Belgium’s concerns but stressed the need for shared risk across the bloc. Hungary has already said it will not participate. French President Emmanuel Macron said technical issues must be resolved but insisted the project remains “on the table.”

With the U.S. scaling back financial support, Europe faces mounting pressure to find long-term solutions. The European Commission is expected to present an updated proposal before the next summit in December, seen as the deadline for a breakthrough.

Ukrainian President Volodymyr Zelenskyy, addressing EU leaders by video, urged swift action. “Ukraine will need this funding at the very beginning of 2026,” he said. “Not everything depends on us—it’s a political decision.”

News

Investigation Underway After Goa Nightclub Fire Kills at Least 25

Published

on

Authorities in the Indian state of Goa have opened an investigation into a nightclub fire that killed at least 25 people, including several tourists, in one of the region’s most popular party districts. Six others were injured in the blaze, which broke out shortly after midnight in Arpora, a nightlife hub about 25 kilometres from the state capital, Panaji.

Goa Chief Minister Pramod Sawant confirmed the death toll in a statement posted on X, saying the victims included many of the club’s kitchen staff and a small number of visiting tourists. He added that all the injured were in stable condition and receiving medical treatment. Rescue teams recovered all bodies from the site.

Early reports from local police, cited by the Press Trust of India, indicated that a gas cylinder explosion triggered the fire. Witnesses, however, told the agency that the blaze appeared to start on the club’s first floor, where nearly 100 tourists were dancing at the time. As smoke and flames swept through the building, many people ran toward the lower floor, where they became trapped along with staff members.

Sawant said a formal inquiry would determine the exact cause and whether the club complied with fire safety regulations. He pledged strict action against anyone found responsible, writing on X that any negligence uncovered by investigators would be “dealt with firmly”.

Eyewitnesses described scenes of panic as patrons attempted to flee the burning building. “We rushed out of the club only to see that the entire structure was up in flames,” said Fatima Shaikh, who was inside when the fire began.

See also  U.S. Deploys THAAD Missile Defense System to Israel Amid Rising Tensions

Prime Minister Narendra Modi offered condolences in a message on X, calling the incident “deeply saddening” and wishing the injured a swift recovery.

Local media reported that the club’s location along the Arpora River backwaters posed challenges for emergency crews. A narrow approach road forced fire engines to park about 400 metres from the entrance, slowing their response. Reports also revealed that the building had previously received a demolition notice after officials found it lacked a construction permit. That order was later withdrawn by senior state authorities, according to Arpora councillor Roshan Redkar.

Incidents involving gas cylinders and electrical faults are not unusual in India and often lead to heavy casualties, prompting renewed calls for stronger enforcement of safety standards. Opposition leader Rahul Gandhi criticised the tragedy as a “criminal failure of safety and governance” and urged a transparent investigation to establish accountability and prevent future disasters.

The probe into the fire is expected to assess structural safety, emergency exits and compliance with existing regulations as authorities work to piece together how the late-night gathering turned into one of the deadliest incidents in the state in recent years.

Continue Reading

News

White House Unveils “Media Hall of Shame” Portal as Attacks on Press Intensify

Published

on

The White House has launched an online “Media Hall of Shame,” a federally hosted portal that lists news outlets and individual journalists it accuses of publishing false or misleading information. The move marks a sharp escalation in President Donald Trump’s long-running campaign against what he frequently labels “fake news,” and comes amid rising condemnation over his public attacks on reporters.

The new portal, published on an official government website, claims to offer a fully sortable and regularly updated record of what the administration describes as inaccurate reporting. “It ensures no hoax, no anonymously ‘sourced’ fan fiction, and no partisan smear gets memory-holed again,” the White House said in its announcement.

Among its features, the site names The Washington Post as “Offender of the Week,” while also spotlighting The New York Times, CNN, CBS News and The Independent. Accredited international wire services including the Associated Press and Reuters are also listed, with the administration accusing the AP of “bias” and “omission of context” and labeling a Reuters report as a “lie.”

Stories are placed into categories such as “false claim,” “misrepresentation,” “failure to report,” “malpractice,” “mischaracterisation,” and “circular reporting.” Another section titled “left-wing lunacy” aims at content the White House asserts reflects ideological slant. Notably, no conservative-leaning outlets appear anywhere on the site.

The move has drawn significant backlash from journalism advocates and major newsrooms. Matt Murray, executive editor of The Washington Post, condemned the website as an attack on constitutionally protected reporting. “Let’s be clear what’s happening here: the wrongful and intentional targeting of journalists by government officials for exercising a constitutionally protected right,” Murray said. “The Washington Post will not be dissuaded and will continue to report rigorously and accurately in service to all of America.”

See also  UK’s First Hydrogen-Powered Homes Open in Scotland Amid Europe’s Clean Energy Push

While conservative media watchdogs have welcomed the launch, critics warn that the portal represents an unprecedented government effort to single out journalists. The Media Research Centre, which often accuses national news networks of liberal bias, praised the initiative. “It’s a stronger effort than Republican presidents have done before,” said MRC director of media analysis Tim Graham. “I think all Republicans realize today that the media is on the other side and need to be identified as on the other side.”

Press freedom experts interviewed by German broadcaster DW said the White House’s new approach poses a direct risk to journalists and undermines democratic norms by framing independent reporting as an adversarial act. They warned that such rhetoric fuels hostility toward the press and contributes to a climate in which reporters may face harassment or threats.

The launch of the portal comes at a time when Trump has intensified his criticism of the media, frequently singling out reporters—often women—with personal insults, calling them “stupid,” “piggy,” and “ugly inside and out.” The growing pressure on journalists has raised alarms among advocates who argue that a free and independent press is vital to the country’s democratic institutions.

The White House has not responded to questions about how the portal will be maintained or which officials will determine what qualifies as an “offense.”

Continue Reading

News

Russia Launches Massive Overnight Barrage on Ukraine as Peace Talks With U.S. Continue

Published

on

Ukraine was hit by one of the largest overnight assaults of the war as Russia launched 653 drones and 51 missiles across the country early Saturday, triggering nationwide air raid alerts and striking multiple regions. At least eight people were wounded, including three in Kyiv, according to Ukrainian officials.

Ukraine’s air force reported that its defenses intercepted 585 of the drones and 30 of the missiles, but 29 locations were still hit during the hours-long attack. Strikes were recorded in the Kyiv region, where industrial facilities and residential buildings sustained damage.

President Volodymyr Zelenskyy said on X that energy sites were the primary targets, adding that the attack also hit the main railway station building in Fastiv. He described the strike as “meaningless from a military point of view,” arguing that Moscow “could not have been unaware” that it was a civilian facility.

Several other regions felt the impact, including Dnipro, Chernihiv, Zaporizhzhia, Odesa, Lviv, Volyn, and Mykolaiv. Emergency services worked through the morning to contain fires, restore power and assess damage at multiple sites.

The latest assault came as Ukraine continues to brace for Russia’s winter strategy of targeting infrastructure, aimed at cutting off heat, electricity and water during the coldest months. Ukrainian officials have warned repeatedly that Moscow is renewing efforts to cripple the country’s energy grid.

In Russia, the Ministry of Defence reported that its air defenses intercepted 116 Ukrainian drones overnight across several regions. A Russian Telegram news channel, Astra, reported that Ukraine hit the Ryazan Oil Refinery, one of the country’s key energy facilities. Regional governor Pavel Malkov confirmed that drone debris fell at an industrial site and damaged a nearby residential building, but did not mention the refinery.

See also  U.S. Deploys THAAD Missile Defense System to Israel Amid Rising Tensions

Ukraine has increasingly focused its own attacks on Russia’s energy infrastructure, arguing that oil revenues remain central to financing Moscow’s full-scale invasion. Kyiv says these strikes are aimed at pressuring the Kremlin to scale back its military campaign and engage seriously in diplomatic efforts.

The escalation on both sides came as Ukrainian and U.S. officials prepared for a third day of meetings aimed at advancing discussions over a potential path to peace. Washington has been acting as an intermediary between Kyiv and Moscow, though progress has been limited.

Ukrainian officials and several European governments have accused Russian President Vladimir Putin of showing interest in negotiations only for political advantage. Recent exchanges between U.S. and Russian representatives have produced no major breakthroughs, and Kyiv remains skeptical of Moscow’s intentions.

Saturday’s bombardment underscored the deep instability surrounding the talks, as both countries continue to push for leverage on the battlefield while diplomats seek even the smallest opening to halt the conflict.

Continue Reading

Trending