EU Permanently Freezes Russian Assets to Support Ukraine

The European Union has indefinitely frozen Russian assets in Europe, preventing Hungary and Slovakia from blocking the funds' usage to support Ukraine. This move is part of a special procedure to address economic emergencies due to Russia's prolonged war on Ukraine.

The European Union has indefinitely frozen Russian assets in Europe to prevent Hungary and Slovakia from blocking their use to support Ukraine, according to a statement released on Friday. This decisive move comes amid the ongoing conflict as Russia continues its assault on Ukraine.

Employing a special procedure designated for economic emergencies, the EU aims to put pressure on Russia by holding its assets hostage until the Kremlin withdraws and compensates Ukraine for nearly four years of aggression and devastation.

EU Council President Antonio Costa emphasized the unified stance of European leaders, recalling their October pledge to hold Russian assets until the country's war of aggression ceases and reparations are made. With this measure, leaders are prepared to meet in an upcoming summit to explore the use of Russian Central Bank assets for a massive loan to support Ukraine's financial and military needs over the next two years.

(With inputs from agencies.)