Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Brussels, Dec. 13 (Xinhua) — The Council of the European Union (EU) on Friday decided to ban the release of Russia's frozen sovereign assets in Europe, citing the ongoing conflict in Ukraine.
“This decision was taken urgently in order to limit the damage to the EU economy,” the EU Council said in a statement.
The adopted regulation prohibits any direct or indirect transfers of assets or reserves of the Central Bank of Russia, as well as “any legal entities, organizations or bodies acting on behalf of or at the direction of the Central Bank of Russia,” the document notes.
European Council President António Costa wrote on the social media platform X that in October, European Council leaders committed to maintaining the freeze on Russian assets at an EU meeting. "Today, we have fulfilled this commitment," he wrote.
The statement stressed that this measure is “temporary in nature”, but that it must remain in place as long as the provision of significant financial or other resources to Russia to wage war in Ukraine creates or threatens to create serious economic difficulties in the EU and its Member States.
The EU decision effectively freezes Russian assets valued at approximately €210 billion (US$247 billion), the bulk of which (around €190 billion) is held in the Belgian depository Euroclear.
These funds were frozen under EU sanctions against Russia, imposed after the outbreak of the Russian-Ukrainian conflict in 2022. The sanctions are subject to renewal every six months with the unanimous support of all 27 EU member states.
Russia's central bank said on Friday it would take legal action in response to EU plans to target its assets, warning that such actions violate international law and the principle of sovereign immunity.
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