Hungarian Prime Minister Viktor Orbán warned on Tuesday that approving plans to use frozen Russian assets for the benefit of Ukraine could expose Belgium to “serious danger.” His remarks came just hours before a pivotal European Union summit at which leaders are set to decide the fate of roughly €210 billion in Russian funds frozen after Moscow’s invasion of Ukraine.
Speaking to journalists aboard a flight to Brussels, Orbán said he had been in correspondence with Russian President Vladimir Putin. According to the Hungarian leader, Putin warned of a “decisive response using all legal means” and stressed that Moscow would closely record the position of every EU member state on the seizure of Russian assets. Orbán argued that confiscating Russia’s reserves poses particular risks for Belgium, claiming such measures could violate international law and ultimately lead to EU losses in court cases, forcing the bloc to return the funds.
Pressure Mounts Ahead of €210 Billion Decision
Orbán’s comments increase pressure on Belgium ahead of Thursday’s EU summit, where leaders are expected to vote on a so-called reparations loan mechanism for Ukraine. The plan would be financed using assets of the Russian central bank frozen since 2022. Belgium plays a pivotal role because around €185 billion of the €210 billion in Russian assets frozen within the EU are held at Euroclear, the Brussels-based clearing house.
Russia Launches Legal Offensive
At the same time, Moscow has begun legal action. On December 12, the Central Bank of Russia filed a lawsuit in a Moscow court seeking roughly $230 billion in damages from Euroclear for what it described as “unlawful actions” that have prevented access to its reserves. The Moscow Arbitration Court has scheduled a preliminary hearing for January 16. The Kremlin has signaled that the case could evolve into a prolonged legal battle with EU institutions.
Divisions Within the EU
Belgian Prime Minister Bart De Wever has emerged as a leading voice among countries skeptical of using Russian assets. He has described the plan as “fundamentally flawed” and demanded legally binding guarantees that any costs stemming from lost court cases would be shared collectively among member states. Italy, Bulgaria and Malta have also joined the cautious camp, pointing to significant legal and financial risks.
At the same time, EU leaders agreed last week to maintain the freeze on Russian assets indefinitely, invoking an emergency clause that bypassed the unanimity requirement and stripped Hungary and Slovakia of their veto power. The European Commission is now seeking to convert the frozen funds into a low-interest reparations loan to finance Ukraine’s military and budgetary needs in 2026–2027.
Orbán said Hungary “will not support the use of Russian state assets,” arguing that such opposition serves national interests. He also suggested that Moscow’s threatened retaliatory measures could spare countries that voted against confiscation.
Source: managerplus.pl
