EU Freezes Russian Assets Indefinitely Amid Ukraine Support Plans

The European Union plans to indefinitely freeze Russian central bank assets worth 210 billion euros to help finance Ukraine's defense against Russia. The move is aimed at securing funds for a substantial loan to Ukraine, with the EU leaders to finalize details in December.

The European Union is prepared to freeze Russian central bank assets indefinitely as part of its strategy to support Ukraine amidst its ongoing conflict with Russia. The immobilisation of 210 billion euros in Russian sovereign assets aims to eliminate the need for extensions every six months.

The indefinite asset freeze is crucial for the EU's plan to use the frozen funds for a loan of up to 165 billion euros to Ukraine, designed to cover military and civilian needs for the years 2026 and 2027. This loan effectively functions as a grant, contingent upon future Russian reparations.

EU leaders are slated to convene on December 18 to iron out the details, addressing outstanding issues such as ensuring Belgium is not solely responsible for funds, should a lawsuit by Moscow prove successful. Diplomatic efforts continue as several nations express concerns over the strategy's potential repercussions.

(With inputs from agencies.)