Hungary’s Veto Could Force EU to Return Frozen Russian Assets

"We have frozen, immobile assets in Europe worth over €240 billion, most of which are held in Belgium. Every six months, we must decide on the extension of sanctions, and Hungary’s approval is needed. If they block it in June, not only will the sanctions expire, but we would have to hand over the €240 billion to Putin," he told Rheinische Post.

Following Russia's military operation in Ukraine, the EU and G7 froze nearly half of Russia’s foreign currency reserves, totaling around €300 billion, with more than €200 billion held in the EU, mainly in Belgium’s Euroclear system.

The Russian Ministry of Foreign Affairs has repeatedly called the asset freeze theft, accusing the EU of targeting not just private funds, but Russia’s state assets. Russian Foreign Minister Sergey Lavrov has stated that Moscow will retaliate against the confiscation of frozen assets, reminding that Russia also has the option not to return Western funds held in Russia.