Indefinite Freeze Of Russian Assets: European Union Reveals Details

(MENAFN- UkrinForm) This EU Council stated this in a press release, according to an Ukrinform correspondent.

"This decision was taken as a matter of urgency to limit damage to the Union's economy," the statement reads.

It is noted that without such a ban, any additional resources would be directly used by Russia to finance its military aggression against Ukraine, with serious consequences for the EU economy and its member states.

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"It would exacerbate the risk of an escalation of hybrid belligerent activities targeted against the member states and in the territory of the EU, thereby deepening economic difficulties in the Union. It would also risk prolonging and aggravating economic uncertainty and require a greater fiscal response from the member states," the EU Council emphasized.

The regulation agreed upon on Friday temporarily prohibits "any direct or indirect transfer of assets or reserves of the Central Bank of Russia, or of any legal person, entity or body acting on behalf of, or at the direction of, the Central Bank of Russia, such as the Russian National Wealth Fund."

It is stressed that these measures are temporary – they will remain in effect "as long as the making available of significant financial and other resources to Russia to continue its actions in the context of its war of aggression against Ukraine poses, or threatens to pose, serious economic difficulties within the Union and the member states," as well as while the risk of further serious deterioration of the economic situation in the EU and its members persists.

As reported by Ukrinform, EU ambassadors agreed to indefinitely freeze Russian sovereign assets, removing the main obstacle to providing Ukraine with a reparations loan of EUR 210 billion.

Photo: unsplash

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