The European Union decided on Friday to “indefinitely freeze” Russian assets held in Europe, foreign policy chief Kaja Kallas announced.
“The EU has just decided to indefinitely freeze Russian assets. This ensures that up to 210 billion euros ($246 billion) of Russian assets remain on EU soil unless Russia fully pays reparations to Ukraine for the damage it has caused,” Kallas said via EU-based social media company X.
European Commission President Ursula von der Leyen welcomed the decision, stressing that it sends a “strong signal” to Russia that its costs will continue to rise as long as the war continues.
“At the October European Council, EU leaders committed to keeping Russian assets frozen until Russia ends its war against Ukraine and compensates for the damage it has caused. Today we have fulfilled that commitment,” European Council President Antonio Costa said at X.
The decision comes as the bloc aims to free up 90 billion euros for Ukraine, either by borrowing the funds directly or by using Russian assets frozen under sanctions in Euroclear.
Belgium, which hosts Euroclear, the EU’s main depository for frozen Russian assets, has expressed reservations about the plan, fearing that the country could face legal challenges and bear financial responsibility itself. The Belgian government has insisted on several changes to the European Commission’s initial proposal to counter potential financial and legal risks and better protect Euroclear.
Meanwhile, Russia’s central bank said on Friday that the EU’s plans to use frozen assets were illegal and threatened to challenge the proposal.
