The European Union agreed on Friday to indefinitely freeze Russian central bank assets held in Europe, removing a big obstacle to using the cash to help Ukraine defend itself against Russia. The EU wants to keep Ukraine financed and fighting as it sees Russia’s invasion as a threat to its own security.
To do so, EU states aim to put to work some of the Russian sovereign assets they immobilised after Moscow’s 2022 invasion of Ukraine. The indefinite asset freeze is intended to persuade Belgium to support the EU’s plan to utilize the frozen Russian funds to extend a loan of up to € 165 billion to Ukraine, covering its military and civilian budget needs for 2026 and 2027.