The European Union on Friday decided to indefinitely freeze €210bn worth of Russia’s assets, so that Hungary and Slovakia, two countries with friendly relations with Moscow, cannot prevent billions of euros from being used to support Ukraine.
Hungary and Slovakia have opposed providing more support to Ukraine in the past, but today’s decision prevents them from blocking the sanctions rollover and makes it easier to use the assets.
The move also stops the assets, estimated to total around €210bn ($247bn), from being used in any negotiations to end the war without European approval.
EU Council president António 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.”
A 28-point plan drafted by US and Russian envoys stipulated that the EU would release the frozen assets for use by Ukraine, Russia and the United States. That plan, which surfaced last month, was rejected by Ukraine and its backers in Europe.
