![](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2025\/12\/GettyImages-1620879412.jpg?w=2048\")
<\/p>\n<\/p>\n
The European Union on Friday indefinitely froze Russia\u2019s assets in Europe to ensure that Hungary and Slovakia, both with Moscow-friendly governments, can\u2019t prevent the billions of euros from being used to support Ukraine.<\/p>\n
Using a\u00a0special procedure\u00a0meant for economic emergencies, the EU blocked the assets until Russia gives up its war on Ukraine and compensates its neighbor for the heavy damage that it has inflicted for almost four years.<\/p>\n
EU Council President Ant\u00f3nio Costa said European leaders had\u00a0committed in October\u00a0\u201cto 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.\u201d<\/p>\n
It\u2019s a key step that will allow EU leaders to work out at a summit next week how to use the tens of billions of euros in Russian Central Bank assets to underwrite\u00a0a huge loan\u00a0to help Ukraine meet its financial and military needs over the next two years.<\/p>\n
\u201cNext step: securing Ukraine\u2019s financial needs for 2026\u201327,\u201d added Costa, who will chair the Dec. 18 summit.<\/p>\n
The move also prevents the assets, estimated to total around 210 billion euros ($247 billion), from being used in any negotiations to end the war without European approval.<\/p>\n
A\u00a028-point plan\u00a0drafted by U.S. 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.<\/p>\n
French Foreign Minister Jean-No\u00ebl Barrot wrote on X that the EU decision means that \u201cno one will decide in place of the Europeans the use of these funds.\u201d<\/p>\n
The vast majority of the funds \u2014 around 193 billion euros ($225 billion) at the end of September \u2014 are held in Euroclear, a Belgian financial clearing house.<\/p>\n
The money was frozen under sanctions that the EU imposed on Russia over the war it launched on Feb. 24, 2022, but these sanctions\u00a0must be renewed\u00a0every six months with the approval of all 27 member countries.<\/p>\n
Hungary and Slovakia\u00a0oppose providing more support\u00a0to Ukraine, but Friday\u2019s decision prevents them from blocking the sanctions rollover and make it easier to use the assets.<\/p>\n
Hungarian Prime Minister Viktor Orb\u00e1n \u2013 Russian President Vladimir Putin\u2019s\u00a0closest ally\u00a0in Europe \u2013 said on social media that it means that \u201cthe rule of law in the European Union comes to an end, and Europe\u2019s leaders are placing themselves above the rules.\u201d<\/p>\n
\u201cThe European Commission is systematically raping European law. It is doing this in order to continue the war in Ukraine, a war that clearly isn\u2019t winnable,\u201d he wrote. He said that Hungary \u201cwill do everything in its power to restore a lawful order.\u201d<\/p>\n
In a letter to Costa, Slovak Prime Minister Robert Fico said that he would refuse to back any move that \u201cwould include covering Ukraine\u2019s military expenses for the coming years.\u201d<\/p>\n
He warned \u201cthat the use of frozen Russian assets could directly jeopardize\u00a0U.S. peace efforts, which directly count on the use of these resources for the reconstruction of Ukraine.\u201d<\/p>\n
But the commission argues that the war has imposed heavy costs by hiking energy prices and stunting economic growth in the EU, which has already provided nearly 200 billion euros ($235 billion) in support to Ukraine.<\/p>\n
Belgium, where Euroclear is based, is opposed to the \u201creparations loan\u201d plan. It says that the plan \u201centails consequential economic, financial and legal risks,\u201d and has called on other EU countries to share the risk.<\/p>\n
Russia\u2019s Central Bank, meanwhile, said on Friday that it has filed a lawsuit in Moscow against Euroclear for damages it says were caused when Moscow was barred from managing the assets. Euroclear declined to comment.<\/p>\n
The Belgian clearing house has around 17 billion euros ($20 billion) in Russia and it\u2019s unclear what would happen to that money if the legal challenge or others like it succeed.<\/p>\n
In a separate statement, the Central Bank also described wider EU plans to use Russian assets to aid Ukraine as \u201cillegal, contrary to international law,\u201d arguing that they violated \u201cthe principles of sovereign immunity of assets.\u201d<\/p>\n
But EU Economy Commissioner Valdis Dombrovskis brushed off the suit, saying that the decision is \u201clegally robust,\u201d and that he expects Russia \u201cto continue to launch speculative legal proceedings to prevent the EU from upholding international law.\u201d<\/p>\n
Chris Weafer, CEO of Macro-Advisory Ltd. Consultancy, said that the timing of the court action is \u201cclearly linked\u201d to the EU\u2019s intention to use the frozen assets.<\/p>\n
\u201cThe Russian Central Bank is making clear that it will respond with legal actions against all countries involved in the decision to take the Russian money,\u201d he said.<\/p>\n
Friday\u2019s EU decision came hours after Germany\u00a0summoned\u00a0the Russian ambassador in Berlin following allegations of sabotage, disinformation campaigns, cyberattacks and interference in its elections.<\/p>\n
___<\/p>\n
Associated Press journalists Karel Janicek in Prague, Sylvie Corbet in Paris, Katie Marie Davies in Manchester, England and Stefanie Dazio in Berlin contributed to this report.<\/p>\n<\/div>\n
#indefinitely #freezes #Russian #assets #prevent #Hungary #Slovakia #vetoing #support #Ukraine<\/p>\n","protected":false},"excerpt":{"rendered":"
The European Union on Friday i… <\/p>\n","protected":false},"author":1,"featured_media":3448,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[1520,3451,3456,3459,3455,3458,3452,3457,3460,949,3453,3454,3461,1144],"_links":{"self":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/3447"}],"collection":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3447"}],"version-history":[{"count":0,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/3447\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/media\/3448"}],"wp:attachment":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}