EU to agree on long-term freeze of Russian central bank assets to strengthen Ukraine support
The European Union is working to finalize a long-term freeze of Russian central bank assets held within the bloc, aiming to shift from the current system—which requires renewal every six months—to an indefinite immobilisation. Officials expect an agreement by Friday, using Article 122 of the EU Treaty to approve the measure through a qualified majority vote. This approach would prevent individual countries, including Hungary or Slovakia, from blocking the decision.
Around €210 billion of Russian central bank assets are currently frozen in Europe, most of them held through the Euroclear settlement system in Belgium. The new long-term framework is designed to give the EU greater legal certainty and stability as it considers using the proceeds or structure of these assets to support Ukraine’s financing needs in 2026 and 2027.
Belgium has expressed concerns about potential legal and financial risks, including the possibility of lawsuits. EU officials are discussing guarantees to protect Belgium from liability. Russia has strongly opposed the move, calling it an unlawful seizure, while EU leaders stress that the assets are being immobilized, not confiscated.
The proposal is part of a wider debate on securing sustainable and long-term financial assistance for Ukraine. The topic will be central at the EU summit scheduled for December 18 as member states work to strengthen their collective response to the ongoing conflict.
