European Commission presents three options for extending sanctions against Russia - Reuters
Photo: The European Commission has presented three options for extending sanctions against Russia (Getty Images)
The European Commission has presented three new options for extending sanctions against Russia to EU ambassadors. This is crucial for securing the $50 billion G7 credit for Ukraine, according to Reuters.
To secure a $50 billion credit for Ukraine, G7 countries want to ensure that the EU's sanctions regime on assets will not be lifted.
The first option presented by the European Commission involves a five-year block on Russian assets with a review every 12 months and a qualified majority of EU countries required to unfreeze the assets.
The second option is to renew the asset freeze every 36 months through a unanimous vote.
The third option is to extend the duration of all Russia-related sanctions to 36 months. Currently, EU sanctions on Russia can be renewed every six months.
Credit for Ukraine
At the G7 summit in June, leaders agreed to provide Ukraine with a $50 billion credit, which will be repaid using income from frozen Russian assets blocked by Western countries since the start of the war.
According to the final communiqué, the funds are planned to be transferred to Ukraine by the end of this year.
Conditions for the loan, including each G7 country's share in the overall fund, are still being discussed. However, the process is moving slowly.
Today it was revealed that the EU is considering extending sanctions against Russia for up to 36 months to secure credit for Ukraine.
