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The European Union has agreed to indefinitely freeze Russian central bank reserves, moving the bloc a step closer to securing a financial lifeline to Kyiv as the war heads into its fourth year.
“I welcome the decision of the council on our proposal to continue the immobilization of Russian Sovereign Assets,” President of the European Commission Ursula von der Leyen wrote on Twitter on Dec. 12.
The move means that roughly 210 billion euros ($245 billion) in Russian assets will now remain blocked in the EU until at least 15 countries representing over 55% of the EU’s population vote to lift the freeze.
Previously, the continued immobilization of the assets had to be agreed upon by all 27 member states every six months — leaving them vulnerable to a veto by Hungary or Slovakia, who had repeatedly threatened to vote against renewing the sanctions.
With that risk gone, the decision marks a step towards a so-called “reparations loan,” which would lend 90 billion euros ($105 billion) to Ukraine over the next two years, backed by the frozen assets.
The announcement comes just ahead of a European Council summit on Dec. 18–19 where EU leaders could unlock billions of euros in Russian assets to get critical financing to Kyiv for its war effort.
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Author: Marty Kaufmann
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