EU to Freeze Russian Assets Amid Tensions Over Ukraine Conflict

The European Union plans to lock Russian assets in Europe to pressure Russia into ending its war in Ukraine and compensate for inflicted damages. This measure, challenged by Hungary and Slovakia, would facilitate using these assets to financially support Ukraine, while raising concerns over EU law integrity.

The European Union is poised to freeze Russian assets held in Europe as a strategy to compel Russia to cease its military aggression in Ukraine, which has persisted for several years. The EU's decision aims to leverage the assets, particularly those of the Russian Central Bank, to support Ukraine financially and militarily in the coming years.

Hungary's Prime Minister Viktor Orbán, known for his close ties to Russian President Vladimir Putin, has criticized the European Commission's decision. He accuses the commission of violating European law, labeling the asset freeze as a move that compromises EU legal principles to prolong Ukraine's unwinnable war. Approximately 210 billion euros in Russian assets are currently frozen under EU sanctions.

The contentious decision, based on EU treaty rules for economic emergencies, seeks to prevent Hungary and Slovakia from blocking the continuation of sanctions. While the EU argues the war's escalation has caused economic strain, Slovakia warns this could hinder U.S. peace efforts. Despite this, the EU has provided substantial support to Ukraine, reflecting broader geopolitical tensions.

(With inputs from agencies.)