European banking secrecy just hit a wall. French institutions are invoking 'client confidentiality' to dodge Brussels' demand for transparency on $20 billion in frozen Russian assets they're holding.

This standoff comes as EU officials reportedly discovered a legal workaround to indefinitely freeze $303 billion in Russian holdings. Critics argue 'permanent freeze' is just bureaucratic language for confiscation—a move that blurs the line between sanctions enforcement and outright asset seizure. The whole saga raises questions about how traditional finance handles geopolitical disputes, especially when regulatory bodies start rewriting the rules midgame.