Brussels just locked down €210 billion of Russian Central Bank cash. What's next?

Moscow

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Ukraine Invasion

The European Union has taken decisive action by freezing 210 billion euros of Russian central bank assets, most of which are held in Euroclear. This step was enabled by invoking an emergency clause that allows majority voting in times of crisis, effectively bypassing the need for unanimous approval and preventing individual member states, such as Hungary, from vetoing the measure.

The assets will remain frozen indefinitely, with any unfreezing now requiring a majority vote in favor of Russia. The move comes as EU leaders prepare for a summit to raise 90 billion euros to support Ukraine. While Moscow has initiated legal proceedings against Euroclear, the EU considers these claims speculative. The decision has drawn criticism from Hungary but is seen by many as a sign of a more unified and decisive EU.

Russian frozen assets — the EU is finally playing hardball

They called Europe weak. Well, Brussels just locked down 210 billion euros of Russian central bank cash. Most of it sits right here in Euroclear. Think of it as the world's most nervous piggy bank. Until now, keeping it frozen required a unanimous vote every six months. That made the cash a hostage to vetoes, especially Hungary's. So, last week the EU pulled a legal trick and an emergency clause. In times of crisis, it allows for majority voting to bypass unanimity, so no single country can veto. Now the assets are frozen indefinitely. And to unfreeze them, you would need another majority vote in favour of Russia. Good luck with that. Moscow has already sued Euroclear, but the EU calls it speculative. And Belgium is nervous about the legal risks, but the clock is ticking. Why the rush, you ask? This Thursday, the EU leaders meet for a make-or-break summit. They need to raise 90 billion euros to keep Ukraine from collapsing. And with Russian sabotage already hitting Europe, we could be next. Viktor Orban, a well-known practitioner of veto power, calls the move a Brazilian dictatorship. But for others, it's a preview of a stronger EU. One that finally stops letting a single country, in times of emergency, turn off the lights.

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Russian frozen assets — the EU is finally playing hardball

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