EU Countries Agree On Indefinite Freezing Of Russia's Assets

The European Commission wants to use €210bn to provide Ukraine with a reparation loan.

European Union countries have agreed to block Russian sovereign assets indefinitely, writes Euractiv.

The European Commission wants to use the proceeds from the frozen assets to provide Ukraine with a €210 billion reparation loan.

The process is based on Article 122 of the Treaty on European Union, which provides for emergency measures to be taken by qualified majority rather than by unanimous decision.

Another source said that the initiative is likely to be opposed by Hungary and Slovakia. Another interlocutor believes Hungary and Slovakia are likely to oppose the initiative. A third diplomat said that Belgium has not yet disclosed its position on the use of assets to EU countries.

The bloc's countries are expected to make a final decision tomorrow, December 12, Euractiv wrote.

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