Orban says EU dropped Russian asset seizure plan, calling it victory
The EU has temporarily immobilized around $230 billion in Russian central bank assets under Article 122, an emergency clause that allows decisions to be approved by a qualified majority rather than unanimity, despite objections from Hungary and Slovakia. European Commission President Ursula von der Leyen had proposed using the funds to support a so-called “reparations loan” for Ukraine, which had been expected on the summit’s agenda.
Orban posted on X that “the Brusselians had backed down” and that Russian assets “will not be on the table,” framing it as a win 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 added.
Reports also indicated that Belgium’s EU ambassador, Peter Moors, told colleagues in closed-door discussions that negotiations on the proposal were “going backward.” Orban has previously criticized EU officials for bypassing Hungary’s potential veto and signaled he would challenge the matter at the bloc’s top court.
Russia has condemned the asset freeze as illegal and labeled any use of the funds “theft.” Its central bank has filed a lawsuit against Belgian clearinghouse Euroclear, which holds over $200 billion of the frozen assets.
EU authorities maintain the freeze complies with international law, but Belgian Prime Minister Bart De Wever warned that using the assets for a loan to Kyiv could undermine confidence in the EU financial system and create legal exposure. International bodies including the ECB and IMF have similarly cautioned that borrowing against immobilized assets could erode trust in the euro. Fitch Ratings has also placed Euroclear on notice for a potential downgrade, citing legal and liquidity risks linked to the EU’s plan.
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