EU Indefinitely Freezes 210 Billion Euros in Russian Assets

The European Union on Friday invoked emergency powers to indefinitely freeze approximately 210 billion euros in Russian Central Bank assets held across Europe, ensuring the funds remain unavailable to Moscow and paving the way for their potential use in supporting Ukraine amid its ongoing war with Russia.

The decision, adopted through a qualified majority vote under Article 122 of the EU treaties, replaces the previous system that required unanimous renewal of the asset freeze every six months. This mechanism had raised concerns that Hungary and Slovakia, which have expressed reluctance to provide further aid to Kyiv, could block extensions and force the release of the assets. The new arrangement ties the freeze to the resolution of Russia's invasion, launched on February 24, 2022, and requires Moscow to compensate Ukraine for damages incurred over nearly four years of conflict. The vast majority of the assets, around 193 billion euros as of late September, are custodied by Euroclear, a Belgian-based financial clearing house.

EU Council President António Costa described the action as fulfilling a commitment made by European leaders in October to immobilize the funds until the...