The European Union is actively exploring the legal framework to permanently freeze billions of euros in Russian state assets, intending to support Ukraine amidst the ongoing conflict. However, this initiative has drawn sharp criticism from Hungarian Prime Minister Viktor Orbán, who labels the plans as illegal and warns of potential breaches of international law.
In response, Russia's Central Bank has initiated legal action against Euroclear, a financial institution holding substantial frozen assets, claiming the EU's intentions constitute theft. The proposed use of these assets as collateral for a €90 billion loan to Ukraine raises complex legal questions, particularly regarding the immunity typically afforded to state and Central Bank assets under international law.
As the EU contemplates these measures, the situation remains fraught with challenges that could impact both European legal standards and geopolitical relations. Decisions on this contentious issue are expected to be made during the European Council meeting scheduled for December.
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