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Orban calls EU plan to seize Russian assets ‘declaration of war’
(MENAFN) Hungarian Prime Minister Viktor Orban on Saturday condemned the European Union’s proposal to use frozen Russian assets, calling it a “declaration of war.” He criticized EU leaders, including German Chancellor Friedrich Merz, European People’s Party head Manfred Weber, and European Commission President Ursula von der Leyen, for prioritizing financial market loans over assessing each member state’s capacity to support the ongoing conflict in Ukraine.
“There is the Russian money, or the possibility of collecting money from the member states, which would serve as the basis for a larger loan,” Orban said, adding that Hungary would oppose any EU attempts to bypass the country in accessing these assets.
“I’m going to Brussels to fight, with the fact that they are reaching for Russian assets bypassing Hungary. This is a declaration of war. I've never seen anything like this, where €200-300 billion ($235-352 billion) worth of assets are lost, with no consequences,” he noted. He further warned that the Russian funds, frozen in Belgium at the start of the war, were being targeted in an “extremely unusual and dangerous” manner.
Italian Deputy Prime Minister Matteo Salvini also criticized the plan, describing it as “risky and imprudent” given that 314 Italian companies operate in Russia, generating both revenue and employment. “The Italian government did well to make things clear, because, after all, we are in a free market, we are not at war with Russia... It seems to me that Brussels is playing with fire,” he said.
Amid EU proposals to use frozen Russian state assets to fund a loan to Ukraine, some member states, including Belgium, have raised legal concerns, as most assets are held at Euroclear in Brussels. Russia’s central bank declared the plan illegal and warned it would take necessary measures to protect its interests. On Friday, the EU moved to “indefinitely immobilize” Russian assets, with a decision on allocating the funds to Ukraine expected at a Brussels summit on December 18–19.
“There is the Russian money, or the possibility of collecting money from the member states, which would serve as the basis for a larger loan,” Orban said, adding that Hungary would oppose any EU attempts to bypass the country in accessing these assets.
“I’m going to Brussels to fight, with the fact that they are reaching for Russian assets bypassing Hungary. This is a declaration of war. I've never seen anything like this, where €200-300 billion ($235-352 billion) worth of assets are lost, with no consequences,” he noted. He further warned that the Russian funds, frozen in Belgium at the start of the war, were being targeted in an “extremely unusual and dangerous” manner.
Italian Deputy Prime Minister Matteo Salvini also criticized the plan, describing it as “risky and imprudent” given that 314 Italian companies operate in Russia, generating both revenue and employment. “The Italian government did well to make things clear, because, after all, we are in a free market, we are not at war with Russia... It seems to me that Brussels is playing with fire,” he said.
Amid EU proposals to use frozen Russian state assets to fund a loan to Ukraine, some member states, including Belgium, have raised legal concerns, as most assets are held at Euroclear in Brussels. Russia’s central bank declared the plan illegal and warned it would take necessary measures to protect its interests. On Friday, the EU moved to “indefinitely immobilize” Russian assets, with a decision on allocating the funds to Ukraine expected at a Brussels summit on December 18–19.
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