The European Union on Friday moved to freeze Russian assets in Europe indefinitely, blocking any attempt by Hungary and Slovakia to prevent their use in support of Ukraine.
Invoking a special economic emergency mechanism, the EU decided that the assets will remain immobilized until Russia ends its war against Ukraine and pays compensation for the damage caused during nearly four years of conflict. The decision bypasses the usual six-month renewal of sanctions, which requires unanimous approval from all 27 EU member states.
EU Council President António Costa said European leaders had pledged in October to keep Russian assets frozen until Moscow halts its aggression and provides compensation, adding that the bloc has now fulfilled that promise. He said the next step would be finalizing plans at a Dec. 18 summit to use the funds to help meet Ukraine’s financial and military needs in 2026–27.
Around 210 billion euros ($247 billion) in Russian assets are frozen in Europe, most of them held at Belgium-based clearing house Euroclear. The move also prevents the funds from being used in any peace negotiations without EU consent.
Hungary and Slovakia, both led by governments more sympathetic to Moscow, oppose further aid to Ukraine. Hungarian Prime Minister Viktor Orbán criticized the decision, claiming it undermines the rule of law and accusing EU leaders of overstepping legal boundaries to prolong a war he said cannot be won. Slovak Prime Minister Robert Fico warned that using the assets could undermine U.S. peace efforts.
Russia’s Central Bank said it has filed a lawsuit in Moscow against Euroclear, calling the EU’s actions illegal and contrary to international law. EU officials dismissed the legal challenge, saying the decision is sound and that Russia is likely to pursue further court actions to obstruct EU policy.
The decision came amid rising tensions with Moscow, hours after Germany summoned the Russian ambassador over allegations of sabotage, cyberattacks and election interference.