EU Decides to Lock down USD246B Russian Assets Indefinitely
The measure locks down approximately €210 billion ($246 billion) in Russian assets on European territory, with release contingent upon Moscow providing full compensation to Ukraine for war damages, according to Kaja Kallas, the EU's foreign policy chief.
"The EU just decided to indefinitely immobilize Russian assets. This ensures that up to €210 billion ($246 billion) in Russian funds stay on EU soil, unless Russia fully pays reparations to Ukraine for the damage it has caused," Kallas stated via the US social media platform X.
European Commission President Ursula von der Leyen praised the action, characterizing it as transmitting a clear message to the Kremlin that financial consequences will escalate throughout the conflict's duration.
European Council President Antonio Costa confirmed the bloc fulfilled its October pledge regarding the frozen funds. "In the October #EUCO (European Council meeting), EU leaders committed to keep Russian assets immobilized until Russia ends its war of aggression against Ukraine and compensates for the damage caused. Today we delivered on that commitment," Costa wrote on X.
The freeze supports Brussels' broader strategy to secure €90 billion in Ukrainian aid, potentially through direct borrowing or leveraging sanctioned Russian assets held at Euroclear.
Belgium, home to Euroclear—the primary repository for frozen Russian state assets across the EU—has voiced concerns about potential legal exposure and financial liability. Brussels demanded modifications to the European Commission's original framework to mitigate legal risks and safeguard Euroclear from litigation.
Russia's central bank condemned the EU initiative Friday, declaring the asset utilization plan unlawful and vowing legal action against the measure.
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