Kaja Kallas Announces EU’s Indefinite Freeze of $246 Billion in Russian Assets Until Reparations Are Paid

The European Union has decided to indefinitely immobilize Russian assets, ensuring that up to $246 billion in Russian funds remain on EU soil until Russia fully pays reparations for the damage caused to Ukraine, EU High Representative for Foreign Affairs and Security Policy Kaja Kallas wrote in a post on X on December 12.

“We keep increasing the pressure on Russia until it takes negotiations seriously. Next week’s European Council will be crucial to secure Ukraine’s financial needs for the coming years,” Kallas stressed.

Previously, it was reported that the Central Bank of Russia has initiated legal action in a Moscow court against Euroclear for “illegal actions by the depository, causing harm,” and also over the European Commission’s plans to use the bank’s frozen assets.

The bank stated that it has filed a lawsuit “to recover the damages” caused by Euroclear’s actions in the Arbitration Court of Moscow.

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War in Ukraine

European Leaders Push to Seize Russia’s Frozen Billions for Ukraine. Why Now?

Feb 21, 2025 20:22

The finance ministers of the Group of Seven (G7) had welcomed the use of frozen Russian assets to pay reparations to Ukraine, according to the G7’s declaration issued earlier.

“We will continue to work together to develop a wide range of financing options to support Ukraine, including potentially using the full value of the Russian Sovereign Assets, immobilized in our jurisdictions until reparations are paid for by Russia, to end the war and ensure a just and lasting peace in Ukraine,” the statement reads.

The G7 countries further announced that they are prepared to increase pressure on Russia should peace talks fail, and described the “preservation of Ukraine” as a top priority for the agenda during France’s upcoming presidency.

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