Hungarian premier warns taking frozen Russian assets is 'declaration of war'

BRUSSELS

Hungarian Prime Minister Viktor Orban on Saturday described the EU’s plan to seize frozen Russian assets as a "declaration of war."

Orban criticized European leaders, singling out German Chancellor Friedrich Merz, European People’s Party leader Manfred Weber, and European Commission President Ursula von der Leyen, Magyar Nemzet reported.

He said they were prioritizing loans from financial markets over assessing each country’s ability to finance the ongoing war in Ukraine.

"There is the Russian money, or the possibility of collecting money from the member states, which would serve as the basis for a larger loan," Orban said.

He added that Hungary would oppose any EU attempts to bypass the country in accessing Russian assets.

"I'm going to Brussels to fight, with the fact that they are reaching for Russian assets bypassing Hungary. This is a declaration of war. I've never seen anything like this, where €200-300 billion ($235-352 billion) worth of assets are lost, with no consequences," he noted.

"The Russians' money was frozen in Belgium when the war broke out, and they want to touch this now. This is an extremely unusual and dangerous thing," he added.

Meanwhile, Italian Deputy Prime Minister Matteo Salvini warned that freezing Russian assets was "risky and imprudent," noting that 314 Italian companies operate in Russia, generating revenue and employment, ANSA news agency reported.

"The Italian government did well to make things clear, because, after all, we are in a free market, we are not at war with Russia... It seems to me that Brussels is playing with fire," he said.

Amid EU plans to use frozen Russian state assets to fund a loan to Ukraine, several member states, including Belgium, have raised legal concerns, noting that most assets are held at Euroclear in Brussels.

Russia's central bank called the plan illegal and reserved the right to take any measures necessary to protect its interests.

On Friday, the bloc moved to "indefinitely immobilize" Russian assets, while EU leaders are set to decide on allocating the funds to Ukraine at a Brussels summit on Dec. 18-19.