The European Union has frozen Russian assets within the EU for an indefinite period. According to the Associated Press, the decision was made using a special procedure designed for economic emergencies.
The assets will remain blocked until Russia abandons its war against Ukraine and compensates for the damage inflicted on the Ukrainian side during the hostilities.
When the war ends and Russia agrees to compensate for the damage caused, the European Commission will return the money to the depository Euroclear, and the Kremlin will be able to use it again.
A decision has been made to freeze assets worth €210 billion indefinitely. Most of this amount is held at the Euroclear depository in Belgium.
Belgium itself and its Prime Minister Bart De Wever had previously opposed transferring the frozen Russian funds to Ukraine, citing concerns including potential lawsuits from Moscow. On December 12, the Central Bank of Russia announced that it would file a lawsuit against Euroclear in the Moscow Arbitration Court.