EU Takes Bold Step to Freeze Russian Assets Indefinitely

The European Union has made a significant move to freeze Russian assets worth €210 billion indefinitely. This decision comes after months of debate and legal maneuvering.

Bypassing Unanimity

The EU used a little-known treaty clause to bypass the usual unanimity requirement, which had become a sticking point due to Hungary's repeated threats to veto the sanctions.

Assets Frozen Since War's Start

The assets, mostly held in Brussels and other EU banks, have been frozen since the start of Russia's war on Ukraine. The EU's move ensures that these funds cannot be released without a qualified majority vote, making it much harder for any single country to block the decision.

A Strong Stance Against Russia

This decision is a big deal because it shows the EU is serious about standing up to Russia. It also sends a strong message to Ukraine that the EU is committed to supporting them. The EU's move is a response to the economic impact of the war, including supply disruptions and increased uncertainty.

Legal and Political Reactions

Some legal experts have questioned the use of this treaty clause, arguing that the war has been going on for nearly four years. However, the EU believes the economic impact justifies the decision. The assets will remain frozen until Russia ends its aggression and the economic threat to the EU is over.

Hungary's prime minister has criticized the decision, calling it a "Brusselian dictatorship." However, other EU officials see it as a way to prevent blackmail and ensure the assets are used for their intended purpose.

Response to US-Russia Peace Plan

This move is also a response to a leaked US-Russia peace plan that proposed splitting the assets between the two countries. The EU has rejected this idea, insisting that the decision should be made by European countries.

A Bold Move by the EU

In short, the EU's decision to freeze Russian assets indefinitely is a bold move that shows the bloc is ready to take a stronger stance against Russia. It also highlights the challenges of making decisions in a union of 27 countries.