PM Orbán Criticizes EU Over Possible Confiscation of Russian Assets

Brussels: Prime Minister Viktor Orbán has raised concerns about the European Union’s discussions on providing further support to Ukraine, emphasizing a divide between advocates of continued military and financial assistance and those urging restraint. Hungary aligns with the latter group, advocating for no new strategic decisions and supporting U.S. peace efforts instead of making irreversible commitments.

According to About Hungary, a contentious issue at the heart of the debate is the future of frozen Russian assets. PM Orbán explained that the legal framework requiring unanimous approval for asset freezes has been altered, removing Hungary’s veto power, which he claims is a breach of EU law. He announced plans for Hungary to pursue legal action in response.

PM Orbán warned that confiscating Russian assets and transferring them to Ukraine could be seen as a declaration of war, prompting inevitable retaliation from Russia. He shared that he had written to Russian President Vladimir Putin, inquiring if reta
liatory measures would consider individual EU member states’ voting behaviors. The response confirmed that countermeasures would indeed be influenced by such actions, reinforcing Hungary’s opposition to confiscating foreign exchange reserves.

The prime minister also expressed concern for Belgium, which holds the majority of frozen Russian assets, and the potential economic and legal risks it faces. He highlighted the pressure on Belgium from EU institutions and the possible consequences for the financial company managing the assets, which could face retaliation affecting its Russian holdings.

PM Orbán cautioned that bypassing unanimity and national rights could erode the principle of loyal cooperation within the EU, warning of long-term consequences for the Union. He concluded by emphasizing the seriousness of the situation, urging vigilance to prevent Hungary from being drawn into an unwanted conflict.