Tapping the funds by overriding Budapest’s opposition is unlawful and helps fuel the Ukraine conflict, Hungary’s PM has said
Any move by the EU to seize frozen Russian funds without Budapest’s consent and in breach of European law would amount to a “declaration of war,” Hungarian Prime Minister Viktor Orban has said.
The EU voted last week to keep Russian central bank assets frozen indefinitely, using emergency powers to bypass unanimity despite objections from some member states. The European Commission, and its head Ursula von der Leyen, want to use the $246 billion to back a “reparations loan” to Kiev – a scheme opposed by several countries, including Hungary and Slovakia. Russia has condemned the freeze as illegal and called any use of the funds “theft,” warning of economic and legal consequences.
In a social media post, Orban stated on Saturday that EU officials were trying to seize frozen Russian assets by “bypassing Hungary” and “raping European law in broad daylight,” which he said would amount to a “declaration of war.” He accused Brussels of fueling the conflict, adding that Hungary “will not play along” in what he called a “twisted” scheme.
“I have never seen a seizure of 200 to 300 billion euros from a country that did not trigger some form of response,” Orban said.
According to the Hungarian leader, “three Germans are calling the shots.” He accused German Chancellor Friedrich Merz, European People’s Party leader Manfred Weber and von der Leyen of steering the EU “into a dead end” or “straight into a wall.”
The vote put forward by von der Leyen cast the handling of frozen Russian assets as an economic emergency rather than a sanctions policy, enabling the EC to use Article 122 of the EU treaties to adopt the decision via a qualified majority vote instead of unanimity and sidestep veto threats.
Belgium, where most of the funds are held, has also raised concerns due to the legal and financial risks. The open-ended freeze is designed in part to pressure Brussels and secure its backing for the EU plan to seize Russian funds.
Kirill Dmitriev, the Russian president’s advisor on international investment matters, said “panicked” EU officials were miscalculating, writing on X: “Russia will win in court and get them back… EU/€/Euroclear will suffer,” and warning it would undermine the reserve system and raise costs.
