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Russian assets to stay frozen until Ukraine gets compensation, EU says

The European Council also pledges military and financial support for Ukraine, including 16.2 billion euros in 2024 payments and equipment delivery commitments.
byYuri Zoria
19/12/2024
2 minute read
Flag of the European Union, illustrative image. Photo via Eastnews.ua.
Flag of the European Union, illustrative image. Photo via Eastnews.ua.
Russian assets to stay frozen until Ukraine gets compensation, EU says

Russian assets will remain frozen until Russia ends its war against Ukraine and provides compensation for damages, the European Council decided on 19 December in Brussels, advocating for just and lasting peace based under the UN Charter and international law, in line with Ukraine’s Peace Formula.

Russian assets worth approximately 260 billion euros ($280.62 billion), including Russian Central Bank reserves, have been frozen under sanctions imposed after Russia’s full-scale invasion of Ukraine in February 2022. The majority of these assets are held in Euroclear, a Belgium-based Central Securities Depository, positioning the European Union as a key player in any potential plans for Russian asset utilization.

The European Commission (EC) says the European Union remains committed to providing continued political, financial, economic, humanitarian, military, and diplomatic support to Ukraine and its people “for as long as it takes and as intensely as needed.”

Highlighting the need to continue efforts to further restrict Russia’s ability to wage war, the Commission welcomed the Council of the European Union’s recent adoption of the EU’s 15th sanctions package against Russia. It also addressed the issue of Russian funds frozen within the EU:

“Subject to EU law, Russia’s assets should remain immobilised until Russia ceases its war of aggression against Ukraine and compensates it for the damage caused by this war.”

To enhance Ukraine’s defense capabilities, the bloc is calling for urgent expansion of military support, particularly in air defense systems, ammunition, and missiles delivery. The EU has committed 16.2 billion euros in payments to Ukraine for 2024, with expected disbursements of 12.5 billion euros in 2025.

Under the G7 “Extraordinary Revenue Acceleration Loans for Ukraine” (ERA) initiative, totaling 45 billion euros (50 billion dollars), the EU plans to begin disbursements in January, providing 18.1 billion euros in 2025.

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