The EU approved an indefinite freeze of Russian assets: However, the path to a “reparation loan” for Ukraine is not yet open

European Union took an important step on the issue of Russian frozen assets, approving the mechanism for their permanent blocking on the territory EU.

Reported decision Reuters, European Commission and European diplomats, aims to eliminate the need to extend sanctions every six months and minimize the risk of individual countries blocking the process.

A key element of the new scheme was the use Article 122 EC Treatywhich allows decisions to be made by qualified majority vote in conditions economic emergency. IN European Commission They directly state that the economic stability of the European Union is directly related to the development of the situation in Ukraine, which became the legal justification for such a step.

In fact, this means that individual states are primarily Hungaryand also Slovakia and partially Belgium — lose the ability to block the extension of the freeze on Russian assets using the veto power. Although the regime will formally be reviewed annually, the funds themselves will remain blocked until the EU considers that “a direct threat to the economic interests of the Union.”

Chapter European Commission Ursula von der Leyενcommenting on the decision, stated that after the indefinite freeze of Russian assets, Ukraine “will become even stronger on the battlefield and at the negotiating table” Moreover, this very step is considered in Brussels as a necessary precondition for the possible provision of the so-called reparation loan in 2026–2027.

However, there is still no consensus on the use of the funds themselves. Belgium, Bulgaria, Italy and Maltathose who voted for indefinite freezingofficially emphasized that their support for this decision does not mean automatic consent to use frozen assets for financing Ukraine.

The countries said in a joint statement that the voting took place “in a spirit of cooperation“, but the final decision on the fate of assets and a possible reparation loan must be made at the level of EU leaders. This issue has been brought up for discussion. EU summit on December 18–19.

the Hungarian foreign minister raised the issue of the Hungarian minority in #Ukraine at the EU foreign affair council today. no one else reacted to the point

— Rikard Jozwiak (@RikardJozwiak) December 7, 2020

People are already openly opposing the provision of a reparation loan at the expense of Russian assets. Hungary And Slovakiaand also Belgium. Judging by the latest statements, serious doubts remain among Italy, Malta And Bulgaria.

An additional factor remains the position USA. According to European media, Washington is skeptical about the idea of ​​a direct reparation loan because it contradicts Donald Trump’s peace plan. According to this approach, part of the frozen Russian funds should be directed to a fund for the restoration of Ukraine under American control, and the other part to joint economic projects with Russia.

Thus, the decision to indefinitely freeze the assets of the Russian Federation became an important institutional breakthrough for the EU, but the question who, how and under what conditions will have access to this money remains open and still subject to intense political bidding.

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