EU Freezes Russian Central Bank Assets for Long-term Stability

The European Union (EU) governments have commenced the process of freezing Russian central bank assets in Europe for the long-term. This strategic move aims to eliminate the need for biannual votes on maintaining the freeze and to potentially utilize these funds to support Ukraine amidst ongoing economic tensions.

European Union (EU) governments initiated a strategic process on Thursday to impose a long-term freeze on Russian central bank assets immobilized within Europe.

This decision, requiring a qualified majority of EU governments, is to circumvent the necessity of revisiting the freeze every six months. Moreover, this step could facilitate the use of these assets to bolster Ukraine's economy.

The Danish Presidency announced that COREPER, comprising EU ambassadors in Brussels, has approved an Art. 122-proposal revision, allowing a formal Council decision through a written procedure expected by the end of the day.

(With inputs from agencies.)