EU agrees to indefinitely freeze Russian assets, removing obstacle to Ukraine loan

BRUSSELS –

The European Union agreed on Friday to indefinitely freeze Russian central bank assets held in Europe, removing a big obstacle to using the cash to help Ukraine defend itself against Russia.

The EU wants to keep Ukraine financed and fighting as it sees Russia’s invasion as a threat to its own security. To do so, EU states aim to put to work some of the Russian sovereign assets they immobilized after Moscow’s 2022 invasion of Ukraine.

A first big step, which EU governments agreed to on Friday, is to immobilize €210 billion ($246 billion) worth of Russian sovereign assets for as long as needed instead of voting every six months on extending the asset freeze.