The West is facing delays in reaching an agreement on the technical aspects of a deal, the people said. Negotiations have been slow due to US concerns over whether the freeze will be permanent, as the European Union must renew its sanctions against Russia every six months with the unanimous support of all 27 member states. Washington has reportedly asked for more long-term assurances that the sanctions would be extended for a year or more.
Western countries and their allies froze approximately 300 billion euros ($333 billion) worth of foreign exchange reserves belonging to Russia after it launched its military operation in Ukraine in February 2022.
The Russian Foreign Ministry has called the freezing of Russian assets in Europe a theft, noting that the EU is targeting not only private individuals' funds but also Russian state assets. Russian Foreign Minister Sergey Lavrov said the West's seizure of Russian assets would not go unanswered.