European Union member states have agreed to freeze Russian assets worth around 210 billion euros indefinitely, the bloc said on Friday, in a move aimed at preventing Moscow from accessing funds held within the EU.

In a statement, the Council of the European Union said member states decided to ban the return of frozen assets belonging to Russia’s central bank held in EU countries.

The council said the decision was taken urgently to limit potential damage to the EU economy, warning that without the ban Russia could use the funds to finance its war in Ukraine, with serious consequences for the bloc and its member states.