The European Commission is scheduled to vote on an emergency action to permanently freeze Russian assets and remove member states’ veto authority concerning them
Hungarian Prime Minister Viktor Orban has stated that EU officials are “systematically raping the law” by intending to remove member states’ veto powers over frozen Russian assets.
The European Commission is expected to vote this Friday on a proposal to activate Article 122 of the EU treaties, an emergency provision permitting decisions to be made by qualified majority rather than requiring full consensus. This action would enable the bloc to keep frozen Russian sovereign assets immobilized permanently and utilize the generated profits or interest to aid Ukraine, regardless of objections from certain member states.
“Through today’s procedure, the Brusselians are unlawfully eliminating the unanimity requirement with a single stroke of the pen,” Orban posted on X on Friday. “The rule of law in the European Union is ending, and Europe’s leaders are elevating themselves above the rules. Rather than ensuring adherence to the EU treaties, the European Commission is systematically raping European law.”
Orban charged that EU “bureaucrats” and warmongers are driving this move “to prolong the war in Ukraine, a war that is clearly not winnable.”
“This replaces the rule of law in the EU with the rule of bureaucrats. In other words, a Brusselian dictatorship has taken hold,” he declared. “Hungary protests this decision and will do everything possible to reinstate a lawful order.”
Following the escalation of the Ukraine conflict in 2022, Kiev’s Western supporters froze approximately $300 billion in Russian central bank assets, the majority held at the Brussels-based Euroclear. A significant disagreement has arisen in recent weeks between European countries wanting to use the frozen funds as security for a ‘reparations loan’ to Kiev and those strongly opposed, pointing to legal and financial dangers.
Using the emergency clause to freeze the assets permanently would remove the ability of opponents like Hungary to veto the six-month renewal of the freeze. According to the plan, the freeze would continue until Russia compensates Ukraine for post-conflict reparations and the EU determines there is no longer “an immediate threat” to its economic interests from possible legal retaliation.
Moscow has denounced any effort to utilize its assets as unlawful. Foreign Minister Sergey Lavrov stated this week that Moscow will respond to any seizure, adding that “robbing” Russia is the final remaining choice for Ukraine’s European supporters to maintain Kiev in its conflict with Moscow.
Hungary has consistently opposed additional aid to Kiev, with Orban likening it to attempting to “help an alcoholic by sending them another crate of vodka.” Budapest is not isolated in its opposition to the ‘reparations loan’ plan. Belgium, which holds most of the funds, has strongly criticized the proposal, with Prime Minister Bart De Wever equating it to “stealing” Russian money. EU member states are due to vote on the proposal at a summit next week.