The European Union has approved the possibility of indefinitely freezing Russian assets by implementing a new decision-making scheme on this matter. From now on, it is sufficient to have a qualified majority of member states, rather than unanimous support, to keep the assets frozen.
This is reported by Kyiv24
New Rules for Freezing Russian Assets
The decision was supported by 25 out of 27 EU member countries, including Belgium. These changes were approved following a vote by EU ambassadors, who agreed to apply Article 122 of the Treaty on the Functioning of the European Union as a legal basis to address the economic consequences of the war against Ukraine. This allows for quicker decisions regarding the immobilization of Russian assets in response to Kremlin aggression.
“The next step is to ensure Ukraine’s financial needs for 2026-2027,” commented the decision of the member states by European Council President António Costa.
Possible Scenarios for Using the Assets
In Europe, there is active discussion about providing Ukraine with a so-called “reparations loan” amounting to 140 billion euros, secured by frozen Russian funds. However, Belgium, which is the jurisdiction for the majority of these assets, is currently opposed to such a move, fearing legal risks and potential lawsuits from Russia. Belgian Deputy Prime Minister Vincent Van Peteghem emphasized that his country will not support any rash compromises until a proper agreement is reached regarding the use of Russian assets for the benefit of Ukraine.
The European Central Bank is also not prepared to act as a guarantor for such a “reparations loan.”
Russia, for its part, categorically opposes the confiscation of its assets and describes any potential use of them to support Ukraine as theft.