Putin reassures Orbán after Hungarian PM seeks his take on pivotal EU decision about billions of euros – updated

Ukraine’s financial reserves could run dry by next spring, potentially forcing a peace deal that’s far from ideal for Kyiv—much sooner than Washington or Budapest might expect. With their own budgets stretched to the breaking point, some EU leaders are itching to tap into Russia’s frozen assets across Europe and beyond. But for many, including Orbán, that would be crossing the Rubicon, inviting swift Russian retaliation. So, the Hungarian PM fired off an unusual letter to the Russian president.

Orbán asked Putin about crucial EU decision about Ukraine

Putin, who attempted to invade Ukraine without a formal declaration of war back in February 2022, duly replied to Orbán. According to 444.hu, he promised to note how each EU member state votes in this weekend’s ballot on the frozen Russian assets. That puts Hungary in a strong position from Moscow’s perspective, as Orbán’s team signalled early and clear: they’ll veto any move to hand those assets to Ukraine.

This time, the PM might not stand alone in Brussels. Not only does his Slovak counterpart oppose using the Russian funds, but Belgium’s Prime Minister, Bart De Wever, is on board too. Most of those assets are locked up in his country, and he’s rightly worried a vote like this could set a dangerous precedent, undermining asset security.

Delaying can be an option

The stakes could go global, though. The EUR 90 billion pot isn’t enough to bail out Ukraine—billions more are needed. Japan, the UK, and Canada might chip in with Russian money to aid Kyiv. Politico warns that the other member states could even override Belgium with a qualified majority vote. It’s legal, but in an EU that preaches unanimity and equal footing for all members on weighty matters, it feels morally shaky.

Portfolio.hu suggests the weekend summit will likely opt for a delaying tactic instead. Expect agreement on the big-picture principles, but the devilish details—where trouble often hides—pushed back to a later date.

UPDATE: Frozen Russian assets not on EU summit’s agenda

Hungary “has won” at the negotiations leading up to the European Union summit: the matter of the frozen Russian assets will not be tabled at the summit on Wednesday, Orbán said in Brussels on Wednesday, ahead of a meeting of the leaders of the Patriots for Europe party family.

“The background negotiations were successful,” he said. At the same time, Orbán rejected that Europe should take out a joint loan instead of using Russian assets.

Hungary will not take responsibility for a loan aimed at supporting Ukraine, “and doesn’t think Europe should take that path,” Orbán said. The government will do everything in its power to thwart the proposal, and is looking for allies to do so, Orbán added.

Read also:

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