EU Indefinitely Freezes €210 Billion in Russian Assets, Sidelines Hungary & Slovakia’s Veto
The European Union has indefinitely frozen €210 billion in Russian sovereign assets in a move designed to ensure Hungary and Slovakia cannot block their future use in support of Ukraine. According to the Associated Press and Reuters, the asset freeze was agreed on Friday under an emergency legal procedure, a shift from the six-monthly renewals that required unanimous approval.
The tension stems from Moscow-friendly governments in Budapest and Bratislava, both of which have resisted allowing EU decisions on Ukraine funding that could diminish Russian leverage. If Hungary or Slovakia had vetoed future renewals, the freeze could have lapsed, potentially returning billions to Moscow.
Under the new arrangement, the freeze remains in place until Russia ends its war in Ukraine and pays reparations, bypassing the need for unanimity. The bulk of those assets, approximately €193 billion, is held at Euroclear, a Belgian clearing house.
This procedural workaround does not resolve all issues. Russia’s central bank has already filed a lawsuit in Moscow against Euroclear, calling the denial of access illegal under international law.
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“It’s a powerful message,” European Commission President Ursula von der Leyen said, framing the freeze as a commitment to Ukrainian support while signaling determination against Russian aggression.
Brussels hopes the immobilisation will unlock proposals for a multi-year loan mechanism to help Ukraine cover budget and defense needs through 2026–27, but final details still hinge on agreement by all EU governments at a summit later this week.
Legal challenges from Budapest and Moscow could stretch for months, keeping the policy’s ultimate impact unresolved. What happens next depends on European leaders’ ability to translate this freeze into concrete financing for Kyiv.
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