EU close to agreement on Russian assets: Ukraine could secure €90 billion – Bloomberg
Illustrative photo: European Union leaders (Getty Images)
The European Union is approaching a breakthrough agreement on frozen Russian assets, which is expected to unlock a large loan for Ukraine, Bloomberg informs.
According to journalists, the European Commission has already presented a compromise plan, which EU country ambassadors have preliminarily approved, with a final decision expected on Friday, December 12.
Currently, every six months, all 27 EU countries must unanimously extend the freezing of the Russian Central Bank’s assets. This mechanism carries the risk that even a single country could block the process, potentially allowing Moscow access to over €210 billion currently held in the EU.
The new plan proposes extending the freeze and allowing future extensions to be decided not by unanimity but by a qualified majority. This would prevent individual countries — primarily Hungary — from blocking the decision every six months, significantly reducing the risk of a sudden "unfreezing" of funds.
The proposed approach would maintain around €210 billion of Russian assets in the EU and create conditions to launch a €90 billion loan for Ukraine, intended to cover key budgetary, economic, and defense needs.
Under the new credit mechanism, the frozen Russian funds would partially finance Ukraine’s vital needs — from economic support to military aid — over the next two years. The loan would only be repaid if Russia compensates for the damages caused by the war.
EU leaders plan to make a final decision on December 18 in Brussels. While opposition from Budapest remains the main obstacle, the majority of EU countries are determined to see the process through, emphasizing that support for Ukraine is a matter of European security.
European Council President António Costa stated that the parties are already "very close to obtaining a solution," while German Chancellor Friedrich Merz called the Russian assets "the most powerful current lever" and suggested that a breakthrough could happen as early as this week.
Frozen Russian assets
After months of attempts to secure a loan for Ukraine using Russian assets, EU countries now want to fast-track a law for the indefinite freezing of these assets, totaling €210 billion.
The vast majority of EU countries support this scheme, with only Belgium raising objections.
Belgium, where a significant portion of Russian funds is stored at the Euroclear center, fears that in the event of a sudden unfreezing of assets, it could be forced to reimburse the EU for the loan planned for Ukraine. As a result, Brussels is demanding additional guarantees.
Belgian Prime Minister Bart De Wever has even not ruled out legal action against the European Commission if the decision is made contrary to his country’s position.
