The European Union has triggered Article 122 to indefinitely immobilise the assets of the Russian Central Bank, worth a whopping €210 billion.

I explain what just happened and why this is such a big deal for Europeans.

🧵 Long thread. In the early days of Russia's war, the EU, in close coordination with G7 allies, agreed to immobilise the assets of the Russian Central Bank.

This was done under traditional EU sanctions, which depend on unanimity. Since then, the sanctions have been renewed every 6 months.

The EU-US trade deal just got messier: the White House has published a fact-sheet about the agreement with claims that directly contradict the European Commission's version of events.

Let's take a closer look.
whitehouse.gov/fact-sheets/20… White House: the 15% rate will apply to EU-made pharmaceuticals as of 1 August.

Commission: the 15% rate will apply only after the US concludes its investigation. "There will be no tariffs on pharmaceuticals this Friday."

@gerardofortuna explains.

https://x.com/euronews/status/1949928747907342595

🧵 The EU-US trade deal is objectively bad for the EU, possibly even terrible.

It's a deal that, despite its name, makes trade more expensive and unattractive. Most EU products will be subject to a whooping 15% tariff, tripling the 4.8% average rate before Trump's second term. Von der Leyen says the deal will bring "predictability" for EU companies. This word is key here.

The EU is already exhausted by Trump's uber-chaotic second term and is desperate to create a semblance of predictability and stability. For Brussels, 15% was the high price to pay.

Slovenia's Prime Minister Robert Golob says that unless the EU does "something tangible" to address the human suffering in Gaza in the next two weeks, a group of like-minded member states will move on its own to put "real pressure" on Israel.

"It's high time," he said at #EUCO. "It's been for some time that the EU as a whole cannot preach the rule of law due to the inadequate response to the atrocities happening in Gaza," Golob told reporters upon arrival. "We should do much more than in the past, but it's never too late."

🚨 Big news: Pedro Sánchez has sent a letter to Mark Rutte rejecting NATO's future 5% per GDP target ahead of the summit next week, @el_pais reports.

"For Spain, committing to a 5% target would not only be unreasonable but also counterproductive," Sánchez writes in the letter. More: Sánchez warns the 5% target would "distance Spain from optimal spending and hinder the EU's efforts to strengthen its security and defence." It would also "cause an economic slowdown, inflationary pressures and disinvestment in activities with greater multiplier effect."

Ursula von der Leyen takes a (barely) veiled swipe at Donald Trump and his crackdown on academia.

"Unfortunately, the role of science in today's world is questioned. The investment in fundamental, free and open research is questioned. What a gigantic miscalculation." More implicit criticism:

"We can all agree that science has no passport, no gender, no ethnicity or political party," she says.

"We believe that diversity is an asset of humanity and the lifeblood of science. It's one of the most valuable global goods and it must be protected."

Ursula von der Leyen has given a (surprisingly) extensive interview to @Zeit.

"The West as we knew it no longer exists. The world has become a globe also geopolitically, and today our networks of friendship span the globe."

🧵 Main lines.
zeit.de/politik/2025-0… On Trump's tariffs, she confirms digital services are very much on the table.

"Europe is a very attractive, rich market," she says. "This means that, here in Europe, there is enormous turnover and huge profits in digital services. No firm wants to lose access to this market."

Extraordinary speech by Zelenskyy in Munich:

"Some in Europe might be frustrated with Brussels. But let’s be clear: If not Brussels, then Moscow. It’s your decision. That’s geopolitics. That’s history. Moscow will pull Europe apart if we, as Europeans, don’t trust each other." At #MSC2025, Zelenskyy calls for a European army that America can take seriously:

"As we fight this war and lay the groundwork for peace, we must build the armed forces of Europe so that Europe’s future depends only on Europeans and decisions about Europe are made in Europe."

Donald Tusk gives a rousing speech at the European Parliament: "Raise your head, Europeans. Europe was, is and will always be great!"

"Objectively speaking, Europe should not be fearful. There are no reasons for this." Tusk about Trump's inauguration: "Leaders of other countries talk with great pride about their achievements. We also have the right to speak with equal pride about our greatness. We have the right to speak with great belief about our future. We just have to open up our eyes."

🚨 Big news from Romania: declassified information from the secret services shows the sudden success of Călin Georgescu was not organic but the result of a coordinated action by a "state actor" who exploited the TikTok algorithm to amplify his campaign.
g4media.ro/breaking-prese… Romanian President Klaus Iohannis agreed today to declassify the reports compiled by the Romanian Intelligence Service, the Foreign Intelligence Service and the Ministry of Internal Affairs.

You can check the redacted documents here.
presidency.ro/ro/media/comun…

The European Commission has sent a second letter to Hungary to clarify the extension of the National Card scheme to Russian and Belarusian citizens, with a deadline of 11 September, @YlvaJohansson says.

"This is not the time to be soft on security." Two aspects remain unclear:
1) Why does Hungary consider such an extension necessary and appropriate in the current political situation?
2) Why are security checks on Russian and Belarusian citizens no different despite the increased risk?