The bloc has invoked emergency treaty powers to override opposition from individual member states<\/p>\n
The European Union has voted to keep Russian central bank assets frozen indefinitely despite opposition from member states. The bloc pushed through the controversial agenda by invoking emergency powers legislation to bypass the need for unanimous approval.
\nThe European Commission, and its head Ursula von der Leyen, want to use the $246 billion in Russian sovereign funds immobilized by the bloc after the escalation of the Ukraine conflict in 2022, to back a \u201creparations loan\u201d for Kiev.
\nThe loan scheme has been opposed by member states, including Hungary, Slovakia, which are against providing further aid to Kiev. Belgium, where most of the funds are held, has also raised concerns due to legal and financial risks. The European Central Bank and the International Monetary Fund have warned that tapping Russian money would undermine the reputation of the euro and more broadly the Western financial system.
\nRussia has condemned the freeze as illegal and called any use of the funds as \u201ctheft,\u201d warning of economic and legal retaliation.
\nThe vote put forward by von der Leyen reframed the issue of frozen Russian assets as an economic emergency rather than a sanctions policy. This allowed the Commission to invoke Article 122 of the EU treaties, an emergency clause that permits decisions to be adopted by a qualified majority vote instead of unanimity, effectively bypassing veto threats from countries opposed to the move.
\nInvoking the clause is unprecedented and raises concerns about the sanctity of the fundamental principle of EU politics that major foreign policy, budget, and defense decisions are made by unanimous consent.
\nVon der Leyen has welcomed the Council\u2019s decision, saying the step \u201csends a strong signal to Russia.\u201d
\nHowever, not all member states responded positively.
\nHungarian Prime Minister Viktor Orban has condemned the EU for using a qualified majority vote as \u201cunlawful,\u201d\u00a0which would cause \u201cirreparable damage to the Union.\u201d
\nDanish Finance Minister Stephanie Lose, whose country holds the rotating EU presidency, has said there were still \u201csome worries\u201d to be addressed over the Russian asset freeze.
\nRussian Foreign Ministry spokeswoman Maria Zakharova described the EU with one-word: \u201cSwindlers.\u201d
\nThis live feed has ended.<\/p>\n","protected":false},"excerpt":{"rendered":"
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