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EU Seeks Legal Fix to Secure Long-Term Freeze of $153 Billion in Russian Assets
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The European Commission is urgently crafting a legal solution to address Belgium’s concerns over using frozen Russian assets to provide a loan to Ukraine, Politico reported on December 2.
Belgium worries that the EU sanctions framework—the basis on which about $153 billion in Russian assets are currently frozen—might not be renewed in the future. A failure to extend sanctions could occur if a member state such as Hungary or Slovakia issues a veto.
If that happens, Belgium would be required to immediately return the frozen Russian funds— including any portion already used to support the loan for Ukraine.
To remove this risk, the European Commission wants to invoke Article 122 of the EU Treaty, which allows member states to adopt measures “in a spirit of solidarity” in response to exceptional economic circumstances.
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According to Politico, the EU’s executive arm aims to interpret this article in a way that would allow decisions related to maintaining the freeze to be adopted by qualified majority instead of requiring unanimous approval. This would strip Hungary of the ability to block future extensions of the freeze.
Earlier, Belgian Prime Minister Bart De Wever warned that the EU plan to use profits from immobilized Russian assets to finance a large “reparations loan” for Ukraine is fundamentally flawed and risks leaving Belgium to absorb most of the downside.
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