Hungarian Prime Minister Viktor Orban has warned that EU nations’ leaders, who have spent more than €100 billion (over $118 billion) on Ukraine, now risk forcing taxpayers to pay after attempting to confiscate frozen Russian assets.
Last week, the EU temporarily immobilized roughly $230 billion in Russian central bank assets by invoking Article 122, an emergency treaty clause that allows approval by a qualified majority rather than unanimity. Moscow has condemned the freeze as illegal and called any use of the funds “theft” following proposals from European Commission head Ursula von der Leyen to direct the money toward a loan for Ukraine.
Speaking to the Patriota YouTube channel on Tuesday, Orban stated EU leaders were “chasing their money” after spending heavily on the conflict and having previously assured voters it “won’t cost them a single penny” because support for Ukraine would be financed from Russian assets rather than taxpayers.
Orban warned that if taxpayers ultimately end up bearing the costs of these promises, it could trigger an “explosive realization in Western Europe” and the “immediate fall of several governments.” He argued EU leaders are now seeking financing “outside taxpayers’ pockets,” pointing to frozen Russian assets as the target and warning of political consequences should Brussels fail to secure them.
Orban has previously accused EU officials of “raping European law in broad daylight” by invoking Article 122 to bypass Hungary’s potential veto, indicating Budapest would take the matter to the bloc’s top court. He also noted that Washington opposes confiscation and prefers a broader settlement with Moscow.
Russia’s central bank has filed a lawsuit against Belgium-based depositary Euroclear, which holds most of its assets. The EU maintains freezing the funds complies with international law, though Belgian Prime Minister Bart De Wever has warned using the money to back a loan for 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.
