EU Presents Package for Utilization of Frozen Russian Assets

The European Commission has presented a package for the use of frozen assets of the Central Bank of Russia, which also includes provisions for lending those funds to Ukraine.

Belgium, where most of the approximately 140 billion euros of Russian assets are held, has criticized this proposal. "It is unacceptable to use that money and leave us alone with the risks," stated Foreign Minister Maxim Prevon.

European Commission President Ursula von der Leyen has asserted that Brussels' concerns have largely been taken into account, and that the union is prepared to provide guarantees and support if Russia files cases in international courts.

For the decision to come into effect, it must be approved by the leaders of the EU member states. The discussion is expected to take place before the end of this year.