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EU authorizes to indefinitely Russian frozen assets in Europe
(MENAFN) European Union member states have agreed to maintain restrictions on Russian assets held within the bloc for an unlimited period, a move announced on Friday by the EU’s foreign policy chief.
Confirming the decision, she said: "The EU just decided to indefinitely immobilize Russian assets. This ensures that up to €210 billion ($246 billion) in Russian funds stay on EU soil, unless Russia fully pays reparations to Ukraine for the damage it has caused," according to a public statement.
The decision was welcomed by senior EU leadership, with officials stressing that the move is intended to increase pressure on Moscow. European Commission President Ursula von der Leyen described the step as a “strong signal,” emphasizing that the financial consequences for Russia will continue as long as the war persists.
Echoing that message, the president of the European Council said: "In the October #EUCO (European Council meeting), EU leaders committed 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," as stated in an online post.
The measure is part of broader EU efforts to unlock as much as €90 billion ($97.2 billion) in support for Ukraine, either by raising funds through borrowing or by leveraging income generated from Russian assets frozen under sanctions, particularly those held at the Euroclear financial institution.
Belgium, where Euroclear is based, has raised concerns about the initiative. Officials there have warned of potential legal disputes and the risk that Belgium could shoulder disproportionate financial liability. As a result, the Belgian government has pushed for amendments to earlier proposals in order to reduce legal exposure and better safeguard the depository.
In response, Russia’s central bank condemned the EU’s plans, calling the use of frozen Russian assets unlawful and signaling its intention to legally challenge any attempt to proceed with the proposal.
Confirming the decision, she said: "The EU just decided to indefinitely immobilize Russian assets. This ensures that up to €210 billion ($246 billion) in Russian funds stay on EU soil, unless Russia fully pays reparations to Ukraine for the damage it has caused," according to a public statement.
The decision was welcomed by senior EU leadership, with officials stressing that the move is intended to increase pressure on Moscow. European Commission President Ursula von der Leyen described the step as a “strong signal,” emphasizing that the financial consequences for Russia will continue as long as the war persists.
Echoing that message, the president of the European Council said: "In the October #EUCO (European Council meeting), EU leaders committed 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," as stated in an online post.
The measure is part of broader EU efforts to unlock as much as €90 billion ($97.2 billion) in support for Ukraine, either by raising funds through borrowing or by leveraging income generated from Russian assets frozen under sanctions, particularly those held at the Euroclear financial institution.
Belgium, where Euroclear is based, has raised concerns about the initiative. Officials there have warned of potential legal disputes and the risk that Belgium could shoulder disproportionate financial liability. As a result, the Belgian government has pushed for amendments to earlier proposals in order to reduce legal exposure and better safeguard the depository.
In response, Russia’s central bank condemned the EU’s plans, calling the use of frozen Russian assets unlawful and signaling its intention to legally challenge any attempt to proceed with the proposal.
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