FT: EU may permanently freeze Russian assets
The European Union has found a loophole that allows it to permanently freeze Russia's frozen assets, circumventing the rule requiring unanimous approval from all EU countries, News.Az reports, citing the Financial Times newspaper.
"Until now, there was a risk that sanctions were extended by unanimous vote every six months, so that a single capital, say, Budapest, could restore Moscow's access to assets and destroy the entire structure. The new legislation aims to change this. Brussels has found a clause in the EU's founding treaties that, in the face of severe economic upheaval, would allow measures to be taken without the need for unanimous approval," the article states. According to the Financial Times, such upheavals could include Russia's actions, which the West accuses of hybrid actions against the EU, suggesting "an indefinite freeze on Russian assets until a similar, separate decision is made to lift the ban."
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