EU freezes Russian central bank assets indefinitely
EU flags (Photo: REUTERS/Yves Herman)
The European Union has agreed to keep Russian sovereign assets immobilized indefinitely, removing the threat of Hungary vetoing the extension of the freeze, Reuters reported on Dec. 12.
The repot suggests the move is a step towards seizing Russia’s EUR210 billion ($247 billion) and using the funds to support Ukraine.
Previously, EU governments had to vote every six months to extend the freeze. By making it open-ended, officials say, the risk that Hungary or Slovakia could block a renewal—and allow Moscow to recover its cash—has been removed.
“The indefinite asset freeze is meant to help convince Belgium to support the EU's plan to use the frozen Russian cash to extend a loan of up to EUR165 billion to Ukraine to cover its military and civilian budget needs in 2026 and 2027,” Reuters writes.
EU leaders will convene on Dec. 18, hoping to overcome Belgium’s objections and approve the so-called “reparations loan.” The Belgian government is looking to secure guarantees from all EU member states so Belgium would not be left footing the bill alone if Russia wins a legal claim in the future.
European Commission President Ursula von der Leyen hailed the indefinite freeze.
“I welcome the decision of the Council on our proposal to continue the immobilization of Russian Sovereign Assets,” von der Leyen said in a Twitter post.
“We are sending a strong signal to Russia that as long as this brutal war of aggression continues, Russia’s costs will continue to rise. This is a powerful message to Ukraine: We want to make sure that our brave neighbor becomes even stronger on the battlefield and at the negotiating table.”
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