Hungarian Prime Minister Viktor Orbán flew to Brussels on Tuesday, December 16th for the European Council Summit set to start on Thursday. Speaking with journalists on the plane, Orbán addressed the issue of the fate of frozen Russian assets, revealing that he had written to Russian President Vladimir Putin to ask how Moscow would respond if the EU moved to confiscate them, and whether Russia would take into account how individual member states vote on the matter. According to Orbán, the Kremlin’s reply was unambiguous.
“The Russians will respond forcefully, but at the same time they will take into account who will vote and how at the EU summit,” Orbán shared.
Orbán has repeatedly stressed that Hungary does not support the confiscation of the frozen Russian assets, because such a step would mark a new level of escalation. He has argued that the expropriation of Russian property and its transfer to Ukraine amounts to nothing less than an open declaration of war.
The Hungarian Prime Minister shared on X: “Hungary has respected loyal cooperation on frozen Russian assets. The EU responded by stripping Hungary of its rights. This abandons the principle of loyal cooperation in the sanctions debate and sets a dangerous precedent. Unacceptable!”
These warnings echo the concerns outlined in a recent analysis by Hungarian business outlet Világgazdaság, which examined the broader background to the Brussels debate. The paper recalled that Russia has already filed a lawsuit in response to EU plans and is preparing retaliatory measures. While the exact form of retaliation remains unclear, so-called C-accounts—special restricted ruble accounts opened in Russia for residents of “unfriendly” (sanction-imposing) states are expected to play a key role.
Világgazdaság also notes that Russia retains tools within its own jurisdiction that could be used in retaliation, since EU member states still have assets under Russian control, despite the fact that most Western companies left Russia after the outbreak of the war almost four years ago.
“The confiscation of Russian assets not only allows Ukraine to continue the war, but also torpedoes the peace process,” the article argues.
