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EU indefinitely freezes Russian assets to prevent Hungary and Slovakia from vetoing support Ukraine

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The European Union on Friday indefinitely froze Russia’s assets in Europe to ensure that Hungary and Slovakia, both with Moscow-friendly governments, can’t prevent the billions of euros from being used to support Ukraine.

Using a special procedure meant for economic emergencies, the EU blocked the assets until Russia gives up its war on Ukraine and compensates its neighbor for the heavy damage that it has inflicted for almost four years.

EU Council President António Costa said European leaders had committed in October “to keep Russian assets immobilized until Russia ends its war of aggression against Ukraine and compensates for the damage caused. Today we delivered on that commitment.”

It’s a key step that will allow EU leaders to work out at a summit next week how to use the tens of billions of euros in Russian Central Bank assets to underwrite a huge loan to help Ukraine meet its financial and military needs over the next two years.

“Next step: securing Ukraine’s financial needs for 2026–27,” added Costa, who will chair the Dec. 18 summit.

The move also prevents the assets, estimated to total around 210 billion euros ($247 billion), from being used in any negotiations to end the war without European approval.

28-point plan drafted by U.S. and Russian envoys stipulated that the EU would release the frozen assets for use by Ukraine, Russia and the United States. That plan, which surfaced last month, was rejected by Ukraine and its backers in Europe.

French Foreign Minister Jean-Noël Barrot wrote on X that the EU decision means that “no one will decide in place of the Europeans the use of these funds.”

Hungary and Slovakia object

The vast majority of the funds — around 193 billion euros ($225 billion) at the end of September — are held in Euroclear, a Belgian financial clearing house.

The money was frozen under sanctions that the EU imposed on Russia over the war it launched on Feb. 24, 2022, but these sanctions must be renewed every six months with the approval of all 27 member countries.

Hungary and Slovakia oppose providing more support to Ukraine, but Friday’s decision prevents them from blocking the sanctions rollover and make it easier to use the assets.

Hungarian Prime Minister Viktor Orbán – Russian President Vladimir Putin’s closest ally in Europe – said on social media that it means that “the rule of law in the European Union comes to an end, and Europe’s leaders are placing themselves above the rules.”

“The European Commission is systematically raping European law. It is doing this in order to continue the war in Ukraine, a war that clearly isn’t winnable,” he wrote. He said that Hungary “will do everything in its power to restore a lawful order.”

In a letter to Costa, Slovak Prime Minister Robert Fico said that he would refuse to back any move that “would include covering Ukraine’s military expenses for the coming years.”

He warned “that the use of frozen Russian assets could directly jeopardize U.S. peace efforts, which directly count on the use of these resources for the reconstruction of Ukraine.”

But the commission argues that the war has imposed heavy costs by hiking energy prices and stunting economic growth in the EU, which has already provided nearly 200 billion euros ($235 billion) in support to Ukraine.

Belgium, where Euroclear is based, is opposed to the “reparations loan” plan. It says that the plan “entails consequential economic, financial and legal risks,” and has called on other EU countries to share the risk.

Russia takes court action

Russia’s Central Bank, meanwhile, said on Friday that it has filed a lawsuit in Moscow against Euroclear for damages it says were caused when Moscow was barred from managing the assets. Euroclear declined to comment.

The Belgian clearing house has around 17 billion euros ($20 billion) in Russia and it’s unclear what would happen to that money if the legal challenge or others like it succeed.

In a separate statement, the Central Bank also described wider EU plans to use Russian assets to aid Ukraine as “illegal, contrary to international law,” arguing that they violated “the principles of sovereign immunity of assets.”

But EU Economy Commissioner Valdis Dombrovskis brushed off the suit, saying that the decision is “legally robust,” and that he expects Russia “to continue to launch speculative legal proceedings to prevent the EU from upholding international law.”

Chris Weafer, CEO of Macro-Advisory Ltd. Consultancy, said that the timing of the court action is “clearly linked” to the EU’s intention to use the frozen assets.

“The Russian Central Bank is making clear that it will respond with legal actions against all countries involved in the decision to take the Russian money,” he said.

Friday’s EU decision came hours after Germany summoned the Russian ambassador in Berlin following allegations of sabotage, disinformation campaigns, cyberattacks and interference in its elections.

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Associated Press journalists Karel Janicek in Prague, Sylvie Corbet in Paris, Katie Marie Davies in Manchester, England and Stefanie Dazio in Berlin contributed to this report.



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In a continent cracking down on immigration, Spain embraces migrants

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With most European leaders talking tougher about immigration amid a rise in far-right populism and Trump administration warnings that they could face “civilizational erasure” unless they tighten their borders, Spanish Prime Minister Pedro Sánchez stands apart.

The Iberian nation has taken in millions of people from Latin America and Africa in recent years, and the leftist Sánchez regularly extols the financial and social benefits that immigrants who legally come to Spain bring to the eurozone’s fourth-largest economy.

Spain’s choice, Sánchez often says, is between “being an open and prosperous country or a closed and poor one.”

His words stand in stark contrast to other Western leaders, and so far, his bet seems to be paying off. Spain’s economy has grown faster than any other EU nation for a second year in a row, due in part to newcomers boosting its aging workforce.

“Today, Spain’s progress and strong economic situation owe much to the contribution of the migrants who have come to Spain to develop their life projects,” Sánchez said in July after anti-migrant clashes rocked a small southern Spanish town.

Europe’s shifting mood

Sánchez’s immigration approach, including his remarks about immigrants’ contributions to Spanish society, is consistent with those of the country’s past progressive governments, said Anna Terrón Cusi, a senior fellow at the Migration Policy Institute think tank who previously worked on immigration policy for multiple Spanish governments, including Sánchez’s.

“What has changed a lot internally is that there is now very anti-immigration rhetoric from Vox, especially against Muslim immigrants,” she said, referring to the far-right Spanish party that has been polling third, behind the ruling Socialists and center-right People’s Party. “But Sánchez, unlike other European leaders, responds by directly and strongly confronting this narrative.”

Centrist leaders across Europe are facing rising pressure from anti-immigrant far-right parties, despite a significant decrease in illegal border crossings into the EU over the past two years.

In France, where the once-ostracized National Rally far-right party has built support, centrist President Emmanuel Macron now speaks about what he refers to as “the migration problem.”

“If we don’t want the National Rally to come to power, we must address the problem that feeds it,” Macron said last year after France passed new restrictions that he described as “a shield” needed to “fight illegal immigration” while helping to “better integrate” migrant workers.

While running to be German chancellor this year, Friedrich Merz vowed to toughen the country’s migration policy. Days after he was elected, Germany boosted its border security efforts. And in recent weeks, it has presented new figures suggesting a rise in deportations of rejected asylum-seekers and a drop in the number of new asylum-seekers.

Political risks in Spain

Sánchez’s progressive government, too, has seen pro-immigration proposals stall.

Last year, it amended Spain’s immigration law to facilitate residency and work permits to hundreds of thousands of immigrants living in the country illegally. At the time, Migration Minister Elma Saiz said Spain needed to add as many as 300,000 taxpaying foreign workers per year to sustain its state benefits, including for pensions, health care and unemployment. Critics, though, said the changes to the law had many shortcomings and even hurt some migrants instead.

more ambitious amnesty proposal later also endorsed by Sánchez’ progressive government stalled in Parliament due to its thorny politics.

“There were some voices that pointed out that (the amnesty) could have a very big social impact,” said Cecilia Estrada Villaseñor, an immigration researcher at the Pontifical Comillas University in Madrid. She added, “there is a European context that comes into play. We belong to the European Union, and right now the balance lies in a different place.”

Curbing migrant arrivals by boat from Africa

Sánchez’s government, in conjunction with the EU, has also paid African governments to help stop migrants, from reaching Spanish shores, including many would-be asylum-seekers.

Most immigrants in Spain enter the country legally by plane. But the relatively few who arrive on Spanish shores in smugglers’ boats dominate headlines and are routinely held up by far-right politicians and media as a sign of what’s wrong with the government’s stance.

Last year, amid steep rises in the number of people making the dangerous sea crossing from Africa’s west coast to the Canary Islands, Sánchez traveled to Mauritania with EU Commission President Ursula von der Leyen, who pledged 210 million euros (around $247 million) of EU money to help the northwestern African country curb migration.

The efforts seem to be working. Migrant arrivals to the Canary Islands this year are down 60%, which even the government’s critics say is because of governments in Africa stepping up border controls.

But rights advocates blame Sánchez’s policies for the violent deaths of migrants in Spain and abroad, such as the 2022 flashpoint in the Spanish enclave of Melilla, in North Africa. In that instance, sub-Saharan migrants and asylum-seekers scaled a border fence, which sparked clashes with authorities in which 23 migrants died.

In an interview with The Associated Press a week later, Sánchez defended how Moroccan and Spanish police responded, calling the attempt “an attack on Spain’s borders.”

In response to questions from the AP, a spokesperson from the prime minister’s office said, “our migration policy is effective and responsible.”

Latin American migrants

Spain is home to millions of migrants from Latin America, who are fast-tracked for Spanish citizenship and generally integrate easily because of the shared language.

More than 4 million people from Latin America were living in Spain legally in 2024, according to government figures. The current leading countries of origin for Spain’s immigrants are Morocco, Colombia and Venezuela.

Spain’s central bank estimates the country will need around 24 million working-age immigrants over the next 30 years to sustain the balance between workers and retirees-plus-children.

But economists say Spain’s millions of immigrants have added fuel to another political fire — the country’s increasingly unaffordable housing market. José Boscá, an economist at the University of Valencia, said alongside pressures from overtourism and short-term rentals in cities, Spain hasn’t built enough housing to accommodate its new residents.

“If you integrate so many people, but you don’t build more housing, there could be problems,” Boscá said.

In response, Sánchez’s government has pledged to fund more construction — especially of public housing — and also floated measures to crack down on wealthy foreigners buying second homes in the country.

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Associated Press reporters Kirsten Grieshaber in Berlin, Sylvie Corbet in Paris and Renata Brito in Barcelona, Spain, contributed to this story.



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Big 12 in advanced talks for deal with RedBird-backed fund

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The Big 12 Conference is in advanced talks with an investment firm backed by RedBird Capital and Weatherford Capital for a $500 million cash injection, according to a person familiar with the matter. 

The deal, via Collegiate Athletic Solutions, known as CAS, follows failed talks earlier in the year for a direct investment into the Big 12, and would mark the first major conference-wide capital deal in major US college sports. 

The partnership would offer the 16 member universities a line of credit of roughly $30 million each and is close to being finalized, the person added, asking not to be named discussing private information.

Many colleges are facing mounting financial pressures from rising athlete pay and escalating coaching salaries, driving the demand for upfront capital. Conferences and schools are increasingly looking for funds to be repaid over several years, often secured against future revenue from media rights. 

The Big 12 confirmed the negotiations in a statement to Yahoo! Sports, which first reported details of the deal. A representative for the Big 12 could not be reached for comment. 

After years of pushing back on institutional investment, deals are now starting to be struck. Big 12 member the University of Utah is in advanced talks for an equity partnership with Otro Capital, which will take an equity stake in Utah Brands & Entertainment, a new for-profit vehicle aiming to boost revenue for the school’s athletics program. 

Earlier this year, the Big 12 came close to striking a deal with CAS, but talks faltered at the last stage. This followed failed negotiations with CVC Capital Partners in 2024 for a potential private equity investment of up to $1 billion in exchange for a 15% to 20% stake in the conference.

The Big Ten has also paused negotiations on a $2.4 billion loan from California pension fund subsidiary UC Investments, following opposition from key members like the University of Southern California and Michigan.

Big 12 Commissioner Brett Yormark stated at SBJ’s Intercollegiate Athletics Forum on Tuesday that the league is not planning to sell a stake in the conference. Instead, the Big 12 would consider a partnership focused on business growth.

The search for new capital is considered crucial for the Big 12 to close the financial gap with rivals such as the SEC and Big Ten, which distribute significantly more cash to member institutions.

Numerous colleges, including Kentucky, Clemson and Michigan State are setting up separate commercial vehicles in order to receive outside investment without giving up ownership of their athletics programs. The model follows similar deals among European football leagues, where private equity firms have invested in a vehicle housing media and commercial rights

The Big 12 has a $2.3 billion media rights deal with ESPN and Fox, running through the 2030-31 season. The six-year contract stabilized the conference post-Texas and Oklahoma’s exit.

Read More: Centerview, RedBird Advise Paramount on $108 Billion Netflix Bid

RedBird, led by Gerry Cardinale, manages $12 billion and counts AC Milan, Boston Red Sox and Liverpool FC owner Fenway Sports Group, LeBron James’ SpringHill Co. and regional broadcaster Yes Network among its investments, according to its website. Weatherford Capital is co-founded by Drew Weatherford, a former college football player for Florida State University.



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U.S., Mexico strike deal to settle Rio Grande water dispute

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The US and Mexico agreed to end a dispute over water at the border with Texas, days after President Donald Trump vowed to impose additional tariffs.

Both governments agreed that Mexico will deliver an additional 202,000 acre-feet of water beginning the week of Dec. 15 and finalize a broader distribution plan by the end of January, the US Department of Agriculture said in a statement on Friday.

The agreement seeks to “strengthen water management in the Rio Grande basin” within the framework of the 1944 Water Treaty, Mexico’s Foreign Ministry said in a separate statement on Saturday. The treaty requires Mexico to deliver 1.75 million acre-feet of water over five years to the US from the Rio Grande River, while the US is required to deliver 1.5 million acre-feet of water to Mexico from the Colorado River.

The deal eases rising tension between the countries after Trump threatened to slap additional 5% tariffs on Mexican imports and set a deadline for water deliveries starting Dec. 31. Communities along the US-Mexico border in Texas have been affected by water shortages, with the Trump administration pledging a $12 billion lifeline for farmers impacted by US tariffs.

Talks between both administrations continued during the week.

The US administration says that Mexico is 865,000 acre-feet short of water delivery requirements and has accused Mexico of ongoing delivery shortfalls that have caused water shortages for farmers and ranchers in the Rio Grande Valley. Mexican President Claudia Sheinbaum’s government has insisted it has not violated the treaty, saying it has continued to make water deliveries despite a serious drought in the region.

In Friday’s statement, US Agriculture Secretary Brooke Rollins called the agreement “a step in the right direction” but warned that the Trump administration may follow through with additional tariffs on Mexican imports if the country continues to violate the water treaty.

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