EU to Immobilize Russian Assets Indefinitely: A First Step
The European Union has agreed to indefinitely immobilize the Russian Central Bank’s assets held within its jurisdiction. This action, taken under Article 122, aims to prevent the transfer of €210 billion and safeguard against potential economic damage. The EU’s move also seeks to protect these funds from being used by other nations, such as the United States, in a future settlement. This long-term ban is a crucial component of the EU’s proposal for a reparations loan to Ukraine, though Belgium has raised concerns and set forth three key conditions for its approval. These include full risk mutualization, liquidity safeguards for Euroclear, and complete burden-sharing among member states.
John Q. Hosedrinker