FT: EU to freeze Russian assets indefinitely to override Hungary's veto threat

The European Union countries are ready to adopt a decision on the "indefinite" freezing of Russian assets in order to prevent a veto by Hungary, writes Financial Times.

Last week The European Commission has proposed to use up to 210 billion euros of immobilized assets of the Russian central bank to provide financial assistance to Ukraine.

For this mechanism to work, assets must be frozen indefinitely, not for six-month periods, which can only be extended with the unanimous support of all 27 EU countries.

Hungary opposes any new aid to Ukraine and constantly threatens to veto the extension of sanctions.

To eliminate the risk of lifting the sanctions, the European Commission proposed to use emergency powers intended to respond to economic crises and impose asset sanctions indefinitely.

The mechanism provided for in Article 122 of the EU Treaty allows decisions to be made by a simple majority, bypassing possible vetoes.

Fixing sanctions will also send a signal to Washington, which has had their own plans on Russian assets.

The EU plans to submit a draft decision on a reparations loan for Ukraine to the summit on December 18-19.

• British Prime Minister Keir Starmer believes that the agreement to provide financial assistance to Ukraine at the expense of Russian frozen assets to be adopted shortlydespite all the obstacles