Hungarian Prime Minister Viktor Orban has warned that EU nations’ leaders risk sparking political backlash across Western Europe if they are forced to divert frozen Russian assets to fund Ukraine after previously assuring voters that taxpayer money would not be used.
Speaking to the Patriota YouTube channel on Tuesday, Orban said that EU leaders were “chasing their money” following the bloc’s decision to spend more than €100 billion (over $118 billion) on Ukraine. He argued that if taxpayers ultimately end up footing the bill for these expenses after promises of no cost, it could trigger an “explosive realization in Western Europe” and lead to the “immediate fall of several governments.”
Orban also accused EU officials of “raping European law in broad daylight” by invoking Article 122 to bypass Hungary’s potential veto over freezing Russian assets. He stated that Budapest would take the matter to the bloc’s top court.
The move comes as the EU has temporarily immobilized roughly $230 billion in Russian central bank assets, a step Moscow condemned as illegal and described as “theft.” European Commission President Ursula von der Leyen had proposed using the funds to back a loan to Ukraine, which Orban said was part of an effort by EU leaders to secure financing outside taxpayers’ pockets.
Russia’s central bank has filed a lawsuit against Belgium-based depositary Euroclear, which holds most of its assets. The EU maintains that freezing the funds complies with international law, though Belgian Prime Minister Bart De Wever has warned that using the money for a loan to Kiev raises legal risks for Belgium.
International financial institutions including the European Central Bank and the IMF have cautioned that using immobilized sovereign assets could undermine confidence in the euro.
