The European Union is accelerating preparations for a radical step: an indefinite freeze on Russian assets worth around €210 billion. According to sources in the European Commission, this decision will not only allow sanctions against Moscow to remain in place but also enable funds to be used to finance Ukraine, bypassing a possible veto by Hungary. This was reported by the Financial Times, citing insiders in Brussels.
Currently, the frozen assets of the Central Bank of Russia — mainly cash, shares, and bonds — are held in European depositories such as Belgium’s Euroclear (around €185 billion). Previously, the EU extended the freeze every six months, but now a permanent regime is being proposed to avoid bureaucracy and political disputes. “This is not confiscation, but a guarantee of security for Europe and Ukraine,” the European Commission emphasizes.
The initiative arose amid fears that Hungarian Prime Minister Viktor Orbán could block any decision at the upcoming EU summit on December 18. Budapest has repeatedly opposed the use of Russian funds, calling it “complete lawlessness.” To circumvent the unanimous vote, the European Commission proposes to invoke the emergency powers mechanism: a majority of 15 countries representing at least 65% of the bloc’s population is sufficient.
European Commission President Ursula von der Leyen has already held talks with key leaders. According to Politico, Germany is ready to take on up to €52 billion in guarantees for a “reparation loan” for Kyiv — the largest share among all EU countries. The overall plan provides for up to €165 billion in support for Ukraine: €115 billion for defense and €50 billion for budgetary needs in 2026–2027.
In the EU, most countries, including France and Poland, support the initiative, seeing it as a means of exerting pressure on Russia. However, Belgium, where the main share of assets is held, fears legal risks and demands equal distribution of responsibility.
A decision is expected by the end of the month. If approved, it would be the largest redistribution of sanctioned assets since World War II. Stay tuned for updates: the EU summit could be a turning point in the geopolitical game.