Despite Belgium’s objections, EU agrees to indefinitely freeze Russian assets
The European Union moves forward with plans to keep Russian assets frozen, aiming to use them as collateral for aid to Ukraine despite Belgian pushback.
European Union member states have reached an agreement to indefinitely freeze Russian assets, despite objections from Belgium. The decision, officially announced Thursday by the Danish presidency of the EU Council, extends sanctions that began in response to Russia’s invasion of Ukraine. Most of the blocked assets are held in Brussels-based financial institution Euroclear, and the EU hopes to use them as collateral for compensation funds destined for Ukraine.
The European Commission has proposed two financing options to help cover Ukraine’s budget needs for the next two years, with the newly extended asset freeze serving as a cornerstone for these measures. The move relies on Article 122, an emergency provision requiring only a qualified majority. Belgian Prime Minister Bart De Wever criticized this rationale, arguing there is no direct emergency linking the situation to Belgium or the EU since Ukraine is not a member state.
As the official vote is set for Friday, Belgium is expected to abstain, while Russia-leaning countries like Slovakia and Hungary have signaled they will vote against the measure. Nevertheless, a majority supports the indefinite freeze. Russia’s Foreign Ministry condemned the move, warning that European “manipulations” will have repercussions. Belgian officials have not ruled out taking legal action if the plan proceeds without addressing their concerns.
