Keeping the assets frozen “is a measure that is appropriate in order to avoid further repercussions of unprecedented magnitude on the economic situation of the Union caused by Russia’s actions,” the Commission wrote in the legal text.
In a public statement, however, Hungary later challenged the decision on the grounds that it violates EU law and undermines the Commission’s neutrality.
Slovak Prime Minister Robert Fico also wrote to European Council President António Costa to express his government’s opposition to “any solution to Ukraine’s financial needs that would include covering Ukraine’s military expenses for the coming years.”
The EU executive initially proposed the legal mechanism to strengthen a separate plan to mobilize €210 billion in frozen Russian assets for Ukraine — most of which are held by the Belgian-based Euroclear.
Belgium, however, is opposed to the plan over fears that it will be on the hook to repay the loan if Russia claws back the money.
In order to allay Belgium’s concerns, the Commission stripped references to the loan from the legal proposal that was approved Thursday.
Giovanna Faggionato contributed to this report.
CORRECTION: An earlier version of this report misstated that all 27 EU ambassadors supported the EU’s legal workaround text. It was updated Dec. 11 to incorporate Hungary’s objection and Slovakia’s opposition to providing military aid.
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