Indefinite freezing of Russian assets by EU — approved

The European Union has indefinitely frozen Russian assets in Europe. This was done to prevent Hungary and Slovakia from vetoing their use for Ukraine.

The Washington Post reported this on Friday, December 12. 

Russian assets in the European Union

Using a special procedure designed for emergency economic situations, the EU froze Russian assets until Russia stops the war against Ukraine and compensates Ukraine for the significant damage Russia has caused over the past four years.

The President of the European Council, António Costa, said that European leaders pledged 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."

This is a key step that allows EU leaders at next week's summit to discuss how to use tens of billions of euros in assets from Russia's Central Bank to secure a massive loan. That loan would help Ukraine meet its financial and military needs over the next two years.

Hungary and Slovakia oppose providing greater support to Ukraine. The expected Friday decision is based on EU treaty rules that allow the bloc to protect its economic interests in certain emergencies. This would prevent Hungary and Slovakia from blocking the extension of sanctions and make it easier to use the assets.

Hungarian Prime Minister Viktor Orbán — the closest ally of Russian dictator Vladimir Putin in Europe — accused the European Commission, which prepared the decision, of "systematically raping European law."

Read more:

• Russia threatens the EU over its intentions to use frozen assets
• Kremlin comments on possible troop withdrawal in Donbas
• Ukraine targeted two Russian vessels in the Caspian Sea