​​​​​As an urgent matter, the Grand Committee considered a proposal for an EU Regulation that would prohibit the transfer of the immobilised assets of the Central Bank of Russia to Russia and to entities acting on its behalf. The ban would be temporary and reversible, and it would be reviewed at regular intervals.

The Council will decide on the Regulation by qualified majority, and the intention is to take the decision later today, 12 December.​

The Regulation would lay down exceptional and temporary emergency measures to mitigate the serious economic difficulties in the EU resulting from Russia's war of aggression against Ukraine. The purpose of the measures is to maintain economic stability in the EU by preventing Russia from gaining access to significant resources to continue its war‑related activities in Ukraine and in the Member States.

The Grand Committee decided unanimously to concur with the Government's position in the negotiations. The Grand Committee considers the Commission's proposal justified: transfers of Central Bank of Russia assets immobilised in financial institutions in the Member States to the Central Bank of Russia, or to entities acting on its behalf, should be prohibited.

The Committee considers it important that the proposal be adopted so that Russia's immobilised assets remain immobilised for as long as necessary and until Russia has compensated Ukraine for the damage caused by its war of aggression. The EU must strongly support Ukraine and its reconstruction.

The examination of the other legislative proposals presented by the European Commission on 3 December is continuing in the Council, and EU leaders are expected to give guidance on their further handling at the European Council meeting on 18–19 December. Parliament will examine the financing arrangements for supporting Ukraine, including, inter alia, a war‑reparation loan, next week on the basis of a report expected from the Government. Prime Minister Petteri Orpo (National Coalition Party) will appear before the Grand Committee on Wednesday 17 December on the preparations for the summit and the state of play in the negotiations.