The issue will not be discussed at this week’s summit, according to the Hungarian PM
The EU will not discuss plans to seize Russian assets during Thursday’s summit in Brussels, Hungarian Prime Minister Viktor Orban announced on Wednesday, calling it a “victory.”
The bloc has temporarily immobilized roughly $230 billion in Russian central bank assets by invoking Article 122, an emergency treaty clause that allows approval by a qualified majority rather than unanimity despite objections from some member states, including Hungary and Slovakia. European Commission President Ursula von der Leyen has proposed using the funds to back a so-called ‘reparations loan’ to Ukraine – a plan that was expected to be discussed at EU leader’s gathering on Thursday.
Orban wrote on X that “the Brusselians had backed down” and that the Russian assets “will not be on the table” at the summit, calling it a “victory” for his PatriotsEU bloc.
”The Commission now pushes joint loans, but we will not let our families foot the bill for Ukraine’s war. Not on our watch,” he said.
A victory for the @PatriotsEU: the Brusselians backed down, Russian assets will not be on the table at tomorrow’s #EUCO. The Commission now pushes joint loans, but we will not let our families foot the bill for Ukraine’s war. Not on our watch. pic.twitter.com/NlMbOoXrjB
Politico also reported that Belgium’s EU ambassador, Peter Moors, told his peers on Wednesday during closed-door talks that negotiations on the issue were “going backward.”
Orban has previously accused EU officials of “raping European law in broad daylight” by invoking the clause to sidestep Hungary’s potential veto, adding that Budapest would take the matter to the bloc’s top court.
Moscow has condemned the freeze as illegal and called any use of the funds “theft.” Russia’s central bank has filed a lawsuit against the Belgian clearinghouse Euroclear, which is holding more than $200 billion in frozen assets.
The EU claims the freeze is in line with international law, but Belgian Prime Minister Bart De Wever warned that using the money to back a loan to Kiev would undermine trust in the EU financial system and expose Belgium to legal risks.
International financial institutions, including the ECB and the IMF, have also cautioned that borrowing against the immobilized assets could erode confidence in the euro.
Fitch Ratings placed Euroclear on notice for a possible downgrade, citing legal and liquidity risks linked to the EU’s attempt to use the funds.
