EU looks set to indefinitely freeze hundreds of billions in Russian funds
Summary
The European Union plans to indefinitely freeze Russian funds worth around 210 billion euros, using them to potentially support Ukraine. This decision does not require a unanimous vote and is made to prevent individual countries from blocking the sanctions. The move comes amid ongoing fighting in Ukraine and legal challenges raised by Russia.Key Facts
- The EU plans to freeze 210 billion euros of Russian funds held in Europe.
- The funds are mainly held in a Belgian financial clearing house named Euroclear.
- The freeze is part of EU sanctions against Russia due to its war on Ukraine.
- The decision will no longer need a unanimous re-approval every six months.
- Hungary and Slovakia have previously opposed extending these sanctions.
- Hungary's Prime Minister Viktor Orban criticized the EU's decision.
- Russia's Central Bank has filed a lawsuit against Euroclear over these assets.
- Ukrainian forces continue to reclaim territories in the Kharkiv region amid the ongoing conflict with Russia.
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