EU set to lock up Russia’s frozen assets so Hungary and Slovakia can’t veto their use for Ukraine
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Article contentBRUSSELS (AP) — The European Union is expected on Friday to lock up Russia’s assets held in Europe until it gives up its war in Ukraine and compensates its neighbor for the heavy damage that it has inflicted for almost four years.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe move is an important step that would allow EU leaders to work out at a summit next week how to use the tens of billions of euros in Russian Central Bank assets to underwrite a huge loan to help Ukraine meet its financial and military needs over the next two years.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentHungarian Prime Minister Viktor Orban — Russian President Vladimir Putin’s closest ally in Europe — accused the European Commission, which prepared the decision, “of systematically raping European law.”Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentA total of 210 billion euros ($247 billion) in Russian assets are frozen in Europe. The vast majority of the funds — around 193 billion euros ($225 billion) at the end of September — are held in Euroclear, a Belgian financial clearing house.Article contentThe money was frozen under sanctions that the EU imposed on Russia over the war it launched on Feb. 24, 2022, but these sanctions must be renewed every six months, and all 27 member countries must approve them for that to happen.Article contentHungary and Slovakia oppose providing more support to Ukraine.Article contentFriday’s expected decision, which is based on EU treaty rules allowing the bloc to protect its economic interests in certain emergency situations, would prevent them from blocking the sanctions rollover and make it easier to use the assets.Article contentOrban said on social media that it means that “the rule of law in the European Union comes to an end, and Europe’s leaders are placing themselves above the rules.”Article contentArticle content“The European Commission is systematically raping European law. It is doing this in order to continue the war in Ukraine, a war that clearly isn’t winnable,” he wrote. He said that Hungary “will do everything in its power to restore a lawful order.”Article contentIn a letter to European Council President Antonio Costa, who will chair the summit starting on Dec. 18, Slovak Prime Minister Robert Fico said that he would refuse to back any move that “would include covering Ukraine’s military expenses for the coming years.”Article contentHe warned “that the use of frozen Russian assets could directly jeopardize U.S. peace efforts, which directly count on the use of these resources for the reconstruction of Ukraine.”Article contentBut the commission argues that the war has imposed heavy costs by hiking energy prices and stunting economic growth in the EU, which has already provided nearly 200 billion euros ($235 billion) in support to Ukraine.Article content___Article contentKarel Janicek contributed to this report from Prague.Article contentTrending Canadian households boost their wealth to another record high of $18.4 trillion with ‘supercharged' financial asset growth Wealth CRA penalized taxpayer for repeated failure to report income Personal Finance Mortgagors continue to roll the dice with variables Mortgage Rates This generation of Canadians is rapidly increasing its wealth and may soon unseat the boomers Wealth U.S. trade deficit unexpectedly shrinks to smallest since 2020 Economy Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Canadian households boost their wealth to another record high of $18.4 trillion with ‘supercharged' financial asset growth Wealth CRA penalized taxpayer for repeated failure to report income Personal Finance Mortgagors continue to roll the dice with variables Mortgage Rates This generation of Canadians is rapidly increasing its wealth and may soon unseat the boomers Wealth U.S. trade deficit unexpectedly shrinks to smallest since 2020 Economy