EU Freezes €210 Billion in Russian Central Bank Assets Indefinitely

The EU has voted to indefinitely immobilise roughly €210 billion in Russian central bank assets held in Europe.

“- Allies in the “Coalition of the Willing” discussed plans to mobilise frozen Russian sovereign assets during a virtual meeting; the European Commission wants to tap about €200bn of Russian central bank assets frozen after the 2022 invasion to fund Ukraine”

Al Jazeera

Those assets are largely concentrated at Belgian clearing house Euroclear.

Al Jazeera

The vote used an emergency procedure that replaces the previous six‑monthly renewals requiring unanimous approval.

The Associated Press reported the move to indefinitely freeze some €210 billion, about €193 billion of which is at Euroclear.

AP noted leaders invoked a special emergency procedure to immobilize the assets until Russia ends the war and pays compensation to Ukraine.

Firstpost said EU governments, using emergency powers under Article 122 TEU, voted by qualified majority to indefinitely immobilise about €210 billion—roughly €185 billion at Euroclear and €25 billion in private banks.

The Straits Times noted the measure removes the need for six‑monthly renewals and the risk that individual states (e.g., Hungary or Slovakia) could block an extension.

European officials and several outlets framed the immobilisation as clearing the way to repurpose parts of those assets to support Ukraine in 2026–27.

They said this could mean underwriting a large loan or using the assets as collateral for reparations, though reports differ on the form and scale of potential use.

Associated Press

The Straits Times described using frozen Russian sovereign assets as collateral for a proposed loan of up to €165 billion to cover Ukraine's military and civilian budgets in 2026–27; mezha.net and Firstpost cited Commission ideas mentioning figures from about €90 billion up to €130 billion after accounting for earlier G7 lending, and RTE.ie added that repayment would occur only if and when Russia pays war reparations.

Legal and institutional objections feature strongly in many accounts, with Belgium pushing amendments and seeking guarantees.

“Here’s a concise summary: - UK Labour leader Keir Starmer chaired talks of a "Coalition of the Willing," saying the West wants a "just and lasting" ceasefire in Ukraine but several issues remain unresolved”

DW

Euroclear faces lawsuits from Russia’s central bank, which accuses the Belgium-based depository of unlawful actions that prevent it from disposing of frozen funds and securities, according to the Luxembourg Times.

The Express said Belgium has filed amendments and lodged legal and political objections, likening the measures to "breaking into an embassy… tak[ing] out all the furniture, and selling it".

The European Central Bank and other institutions warned of legal and financial risks.

Euractiv summarized critics saying Article 122 "implies legal, financial, procedural, and institutional consequences" and highlighted Belgium pushing clauses that Euroclear "shall not be liable".

Reactions outside the EU vary sharply, with Russia suing Euroclear and warning of wide legal and economic retaliation.

Some member states, notably Hungary and Slovakia, have opposed extensions.

El Mundo

International actors show differing preferences for how immobilised funds should be handled.

Multiple reports cite Moscow's legal challenge, and the Luxembourg Times reported that the Bank of Russia filed a lawsuit against Euroclear.

A Ukrainian outlet said a US-Russia-drafted plan to share use of the assets was rejected by Kyiv and EU partners.

Vijesti.me and RTE.ie report that Washington prefers different mechanisms or has reservations about the EU plan.

Vijesti.me said the US opposes the EU plan and would prefer most assets be placed into two US-led investment funds under draft peace proposals.

RTE.ie recorded protests outside the EU Council urging conversion of frozen assets into a loan for Ukraine.

Next steps and political timing remain central: EU leaders are due to meet on Dec. 18 to decide details.

“Commission's move to indefinitely freeze Russian assets 'implies legal, financial, procedural, and institutional consequences' Italy, Bulgaria, and Malta have joined Belgium’s calls for alternatives to a €210 billion loan scheme to Ukraine using frozen Russian assets, in a move that threatens to torpedo the EU’s goal of agreeing the so-called ‘reparations loan’ at next week’s crunch EU summit”

Euractiv

Multiple outlets warn that legal challenges, member-state objections and questions over liability could delay or reshape any plan to reuse immobilised assets.

Euractiv

Associated Press said the move "clears the way for EU leaders at a Dec. 18 summit to decide how to use tens of billions from Russian central bank assets."

Euractiv warned the plan "implies legal, financial, procedural, and institutional consequences."

El Mundo described a shifting Belgian stance under pressure ahead of the summit.

Overall coverage mixes urgency about supporting Ukraine with repeated caveats about legal, institutional and diplomatic obstacles.