The European Union on Friday indefinitely froze Russia’s assets in Europe to ensure that Hungary and Slovakia, both with Moscow-kind governments, cannot prevent the billions of euros from being used to support Ukraine.
Using a special procedure meant for economic emergencies, the EU blocked the assets until Russia gives up its war on Ukraine and compensates its neighbor for the heavy damage that it has inflicted for almost four years.
EU Council President Antonio Costa said European leaders had committed in October “to keep Russian assets immobilised until Russia ends its war of aggression against Ukraine and compensates for the damage caused”.
He said: “Today we delivered on that commitment.”
It is a key step that will allow EU leaders at a summit next week to work out how to use the tens of billions of euros in Russian Central Bank assets to underwrite a huge loan to help Ukraine meet its financial and military needs over the next two years.
“Next step: securing Ukraine’s financial needs for 2026/27,” added Mr Costa,who will chair the summit on December 18.The move also prevents the assets, estimated to total around 210 billion euros (£184 billion), from being used in any negotiations to end the war without European approval.
In the October #EUCO, EU leaders committed to keep Russian assets immobilised until Russia ends its war of aggression against Ukraine and compensates for the damage caused. Today we delivered on that commitment.
Next step: securing Ukraine’s financial needs for 2026-27.
– António Costa (@eucopresident) December 12, 2025
A 28-point plan drafted by US and Russian envoys stipulated that the EU would release the frozen assets for use by Ukraine, Russia and the United States.
That plan, which surfaced last month, was rejected by Ukraine and its backers in Europe.
French Foreign Minister Jean-Noel Barrot wrote on X that the EU decision means that “no one will decide in place of the Europeans the use of these funds.”
Hungarian Prime Minister Viktor Orban – Russian President vladimir Putin’s closest ally in Europe – accused the European commission, which prepared the decision, “of systematically raping European law”.
The vast majority of the funds – around 193 billion euros (£169 billion) at the end of September – are held in Euroclear, a Belgian financial clearing house.
The rule of law in the European Union comes to an end, and Europe’s leaders are placing themselves above the rules