News|Russia-Ukraine warEU looks set to indefinitely freeze hundreds of billions in Russian fundsThe anticipated move, slammed by Hungary, is a key step in a plan to use the funds to underwrite a loan to Ukraine.
The European Union is poised to indefinitely freeze approximately 210 billion euros ($246 billion) of Russian assets held in Europe. This decision is part of a strategy to support Ukraine using these funds.
The European Union is poised to indefinitely freeze approximately 210 billion euros ($246 billion) of Russian assets held in Europe. This decision is part of a strategy to support Ukraine using these funds.
The EU member states are expected to approve this plan through a qualified majority vote, requiring the support of at least 15 out of 27 member states, representing 65% of the EU population. This move would replace the current policy of renewing the asset freeze every six months.
The significant shift in policy aims to provide a stable framework for discussing the utilization of these frozen Russian Central Bank assets to support Ukraine's financial and military needs.
The assets are primarily held in Euroclear, a Belgian financial clearing house, and have been frozen due to EU sanctions on Russia in response to the conflict in Ukraine.
This decision intends to minimize the risk of opposition from member states like Hungary and Slovakia, who have closer ties with Moscow and have previously resisted further support measures for Ukraine.
The European Union is poised to indefinitely freeze approximately 210 billion euros ($246 billion) of Russian assets held in Europe.
Hungarian Prime Minister Viktor Orban has criticized the anticipated decision, claiming it undermines European law. Belgium has also expressed concerns over the economic, financial, and legal implications of the proposed "reparations loan" plan.
Additionally, Russia's Central Bank has initiated legal proceedings against Euroclear in Moscow, citing damages related to the restricted access to these funds. It argues that the EU's plans violate international law and the principles of sovereign immunity.
On the battlefield, Ukrainian forces have reported territorial gains in the northeastern region of Kharkiv, specifically in the town of Kupiansk. These developments are viewed as strengthening Ukraine's diplomatic position.
Ukrainian President Volodymyr Zelenskyy acknowledged the efforts of Ukrainian troops, emphasizing the importance of military successes for diplomatic negotiations.
Ukraine's special forces have claimed responsibility for striking two Russian vessels in the Caspian Sea, allegedly involved in transporting military equipment. The operation was reportedly conducted with the help of a local resistance group named "Black Spark."
This claim follows reports of Ukrainian drones targeting a Russian oil rig in the Caspian Sea.
Based on reporting by Al Jazeera.