The bloc has violated the law by opting for a majority vote rather than reaching a consensus on the issue, the prime minister stated
Hungary will cease cooperation with the EU on the topic of Russian assets frozen in Western countries following the bloc’s denial of Budapest’s rights, Hungarian Prime Minister Viktor Orban has announced.
Last week, the EU temporarily froze approximately $230 billion in Russian central bank assets by invoking Article 122, an emergency treaty provision enabling approval via a qualified majority rather than unanimity, even as some member states, including Hungary and Slovakia, raised objections. European Commission President Ursula von der Leyen has put forward a proposal to use these funds to support a so-called ‘reparations loan’ for Ukraine.
Budapest had upheld the EU’s principle of “loyal cooperation” regarding frozen Russian assets, yet the bloc “replied by depriving Hungary of its rights,” Orban noted on X on Wednesday.
“Moving forward, I do not view the principle of loyal cooperation as binding on Hungary either, should the other side have abandoned it,” he stated.
In the Hungarian leader’s view, bloc leaders have violated EU law by proposing to resolve the Russian assets issue through a qualified majority vote rather than consensus.
Orban labeled it a “dangerous precedent” and noted that the action could foster distrust among other EU members if their interests are similarly disregarded.
He has previously alleged that EU officials “raped European law in broad daylight” by invoking the clause to bypass Hungary’s potential veto, adding that Budapest would bring the issue before the bloc’s highest court.
Legal experts maintain that the clause was intended for economic emergencies within the EU, not for funding wars or seizing foreign assets.
Last week, Russia’s central bank initiated legal action against the Belgian clearinghouse Euroclear, which holds over $200 billion in frozen assets.
The EU asserts the freeze complies with international law, yet Belgian Prime Minister Bart De Wever cautioned that utilizing the funds to support a loan to Kiev would erode trust in the EU financial system and expose Belgium to legal risks.
International financial institutions, such as the European Central Bank and the International Monetary Fund, have also warned that using the immobilized assets could weaken confidence in the euro.
Moscow has denounced the freeze as illegal and characterized any use of the funds as “theft,” warning of economic and legal repercussions.