Russian Assets “Will Not Be on the Table” at EU Summit: Orban
The 27-nation bloc has frozen approximately $230 billion in Russian central bank holdings by activating Article 122, an emergency provision enabling qualified majority voting without requiring unanimous consent—a move opposed by nations including Hungary and Slovakia. European Commission President Ursula von der Leyen had championed utilizing these immobilized funds to underwrite a reconstruction loan package for Ukraine, with deliberations scheduled for the leaders' Thursday gathering.
On X, Orban announced that "the Brusselians had backed down" and confirmed the Russian assets "will not be on the table" at the summit, branding 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.
Media additionally disclosed that Belgium's EU representative, Peter Moors, informed fellow diplomats Wednesday during private discussions that progress on the matter was "going backward."
Orban has previously accused EU officials of "raping European law in broad daylight" by invoking the clause to circumvent Hungary's potential blockade, announcing Budapest would pursue legal action in the bloc's supreme court.
Moscow has denounced the asset freeze as unlawful and characterized any deployment of the resources as "theft." Russia's central bank has initiated litigation against Belgian clearinghouse Euroclear, which holds over $200 billion in frozen holdings.
The EU maintains the freeze complies with international legal frameworks, though Belgian Prime Minister Bart De Wever cautioned that leveraging the capital to secure a Kiev loan would damage confidence in the EU financial architecture and create legal vulnerabilities for Belgium.
Major global financial authorities, including the ECB and the IMF, have similarly warned that borrowing against the immobilized reserves could undermine faith in the euro currency.
Fitch Ratings issued a potential downgrade warning to Euroclear, highlighting legal and liquidity concerns connected to the EU's fund utilization strategy.
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