Four individuals briefed on the plans disclosed to POLITICO that the Commission seeks to base its actions on European Council conclusions agreed by all EU leaders, including Orbán, on December 19 of the previous year.
In this statement, the leaders proclaimed: “Russia’s assets should remain immobilized until Russia ends its war of aggression against Ukraine and compensates for the damage caused by this war.” Initially, it was largely understood that the assets would remain frozen, primarily at Euroclear bank in Belgium, and inaccessible to Russia, while interest could be used for the war effort.
The Commission’s new stance argues that this statement provides enough basis to change the sanctions rules from unanimity to a qualified majority. For this to succeed, a high level of agreement from all or most other countries is necessary.
“This would require a high-level political agreement by all or most Heads of State or Government,” stated the Commission in a note to EU ambassadors during their Friday meeting.
Not just Hungary
Gaining broader agreement will be challenging, as other Russia-friendly nations like Slovakia are involved.
Additionally, there’s the issue with Belgium. The Belgian government has already resisted, citing concerns that the EU’s attempt to seize funds could risk Belgium and Euroclear, a financial institution holding Russia’s frozen state assets, facing legal retaliation from Moscow.
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