The EU will lock Russian assets in permanent freeze, effective Dec. 12, sidestepping Hungary’s veto and ending Kremlin hopes for a quick unblock.
Russian assets to stay frozen longer
The European Union is preparing to extend the freeze on Russian assets indefinitely, covering an estimated €210 billion. The decision will take effect on Friday, 12 December, unless a blocking minority is formed before 5 p.m. This move avoids Hungary’s veto and undermines the Kremlin’s expectations of a swift asset release under the peace deal framework.
EU adopts special clause to end half‑yearly approval
To bypass the need for unanimous six‑month renewals, the EU has adopted a special clause that prohibits the withdrawal of currently frozen assets. The European Commission, supported by member states, justifies this provision on the grounds of an extraordinary situation, citing the economic impact of Russia’s attack on Ukraine and related hybrid attacks and sabotage of EU countries.
Belgium remains opposed to using frozen assets for Ukraine reparations
Despite discussions about utilizing frozen Russian assets as funds for a reparative loan to Ukraine, Belgium continues to oppose the idea and holds most of the assets. Brussels is set to make a decision on the issue in the coming week.