EU freezes Russian assets indefinitely, clearing path for major Ukraine funding plan

The European Union on Friday indefinitely froze Russia’s assets in Europe to ensure that Hungary and Slovakia, both with Moscow-friendly governments, can’t prevent the billions of euros from being used to support Ukraine.

Using a special procedure meant for economic emergencies, the EU blocked the assets until Russia gives up its war on Ukraine and compensates its neighbour for the heavy damage that it has inflicted for almost four years.

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EU Council President Antonio Costa said European leaders had committed in October “to keep Russian assets immobilised until Russia ends its war of aggression against Ukraine and compensates for the damage caused. Today we delivered on that commitment.” It’s a key step that will allow EU leaders to work out at a summit next week how to use the tens of billions of euros in Russian Central Bank assets to underwrite a huge loan to help Ukraine meet its financial and military needs over the next two years.

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