ALBAWABA - The European Union has agreed to freeze €210 billion in Russian assets for an indefinite period of time. Moscow called this a hostile escalation that will have "severe consequences." The move is one of the bloc's strongest economic actions since the war in Ukraine began.
Kaja Kallas, the EU's foreign policy chief, said that the assets will stay frozen until Russia pays full compensation for the damage it caused in Ukraine. She called the decision part of a larger plan to make the war more expensive for the Kremlin. She stressed that the EU will keep up the pressure on Moscow to get them to start real negotiations.
Antonio Costa, President of the European Council, said that the leaders had also promised to make sure that Ukraine gets long-term funding. He added that the freeze will stay in place until Russia ends what the EU calls a "aggressive war" and takes responsibility for the damage it has done.
The European Council said that member states quickly passed a ban on sending frozen assets back to the Russian central bank. Officials said that lifting the freeze could let Moscow move money away from its military efforts, which would be bad for EU economies.
Ursula von der Leyen, President of the EU Commission, praised the decision and said that the EU would keep making the war more expensive for Moscow while also making Ukraine stronger "on the battlefield and at the negotiating table."
The ruling changes the old system, which needed to be renewed every six months. This system was open to vetoes from countries like Hungary and Slovakia.
