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The European Commission has presented EU ambassadors with three new options to extend sanctions on frozen assets of the Russian Central Bank, a move crucial to securing a $50 billion G7 loan for Ukraine, EU diplomats said on September 13.
The options include freezing assets for five years, reviewed every 12 months, and requiring a majority of EU states to agree to release the assets. The second option would extend the asset freeze every 36 months, with the lifting of the freezes decided by a vote of all members. The third option would extend all sanctions related to Russia for 36 months.
Currently, EU sanctions against Russia are renewed every six months.
The US and its allies have frozen about $300 billion in Russian central bank assets as part of sanctions imposed over Moscow’s military campaign in Ukraine. The EU is expected to use 90% of the profits from the assets to support Kiev’s military, with the rest going into the EU budget and used for Ukraine’s reconstruction.
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