Brussels, Dec 12 (EFE).- The European Union countries approved on Friday the indefinite freezing of some 210 billion euros in Russian assets, allowing them to eventually be used to finance the reconstruction of the country if the 27 member states reach a consensus.
The ambassadors of the EU member states agreed on Friday to indefinitely freeze the previously seized assets, without the need to renew the freeze every six months using the emergency powers provided for in the European treaties under Article 122.
EU Council President Antonio Costa said European leaders committed in October to «keep Russian assets immobilized until Russia ends its war of aggression against Ukraine and compensates for the damage caused. Today, we delivered on that commitment,» said European Council President António Costa in a message on social media.
»I welcome the decision of the Council on our proposal to continue the immobilisation of Russian Sovereign Assets. We are sending a strong signal to Russia that as long as this brutal war of aggression continues, Russia’s costs will continue to rise,» said European Commission President Ursula Von der Leyen on X.
“This is a powerful message to Ukraine. We want to make sure that our brave neighbour becomes even stronger on the battlefield and at the negotiating table,” she added.
Along the same lines, EU High Representative for Foreign Affairs and Security Policy Kaja Kallas said in another post that this agreement will allow «to keep increasing the pressure on Russia until it takes negotiations seriously.
Before the decision was confirmed, Hungarian President Viktor Orban criticized the decision on Facebook, saying, «Brussels will step over the Rubicon today, with a written voting starting which will cause irreparable damage to the Union.»
The granting of emergency powers to the EU was approved by written procedure in the Council with the support of 25 member states and two votes against, according to diplomatic sources.
This measure removes the risk that when renewing sanctions against Russia every six months, as was necessary until now, there would be vetoes from countries such as Hungary or Slovakia, which are closer to Moscow.
This instability prevented the European Commission’s plan to use Russian assets to grant a loan to Ukraine for reconstruction, which requires the assets to be frozen indefinitely.
Article 122 allows the European Union to act more quickly in emergency situations or economic crises.
The European Commission has argued that this legal basis, which also allows it to bypass the European Parliament, is supported by the need to preserve the stability of the EU economy, which has been affected by Russia’s war in Ukraine.
The fundamental question of using Russian assets in a loan to support Ukraine’s reconstruction and its short-term financial needs will be on the table on Thursday when the leaders of the 27 member states meet for the last summit of the year.
Belgium, the country where the vast majority of these frozen assets are located, has so far maintained its veto, fearing reprisals from Moscow, and has questioned the use of emergency powers to indefinitely freeze assets subject to sanctions. EFE
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