Mechanism to extend the freeze
The European Union is seeking to agree on a way to extend the freeze on Russian assets using emergency powers, which is seen as an important step to mobilize resources in support of Ukraine.
The European Commission is set to soon put forward a proposal on the matter with the aim of reaching agreement by the end of the week.
The proposed initiative would extend the freeze for another six months and would establish that a qualified majority of countries, rather than a unanimous decision, would be sufficient for each subsequent extension.
The Commission plans to separate the question of extending the freeze from the broader discussion about the possible use of these assets to provide loans to Ukraine, as that debate is not yet concluded.
Resistance from individual members
Most member states support this approach, but Hungary has threatened to veto the renewal of other sanctions against Russia and to take the European Commission to court.
EU officials say that protecting the assets from the risk of a sudden veto will help allay Belgium's concerns, as it has not yet agreed to use the frozen assets for a reparations loan to Ukraine.
Financial proposals and timelines
- Earlier, the European Commission proposed using up to €210 billion of immobilized assets of the Russian central bank to support Ukraine.
- According to reports, some countries are prepared to accelerate a decision on indefinitely freezing the assets to avoid the risk of a veto by Hungary.
- The question of a reparations loan for Ukraine is scheduled to be discussed at the summit on 18–19 December.
