EU freezes $245 billion Russian assets indefinitely, eyes big loan for Ukraine amid lawsuit threat | Hindustan Times
The EU indefinitely froze $245 billion in Russian assets and is considering a loan scheme using them as collateral to aid Ukraine.Summary
The European Union has decided to indefinitely freeze approximately $245 billion of Russian central bank assets, a move intended to provide long-term financial support to Ukraine during the ongoing conflict. This decision eliminates the need for six-monthly renewals of sanctions, which were vulnerable to vetoes from member states sympathetic to Russia. The action comes as Russia’s central bank has initiated legal proceedings against Euroclear, the Belgium-based depository holding the majority of the frozen funds. EU leaders are now actively exploring a complex financial mechanism that would utilize these frozen assets as collateral for a substantial loan to Kyiv. Despite the potential legal challenges and resistance from certain member states, the issue will be a key topic of discussion at the upcoming EU summit. The EU aims to provide a stable financial lifeline for Ukraine while navigating the legal and political complexities surrounding the use of frozen Russian assets.
(Source：Hindustan Times)