RT reported that Estonian Foreign Minister Margus Tsahkna said that the European Union (EU) should deprive Hungary of voting rights to ensure that sanctions against Russia continue to be effective, in the context of Budapest supporting diplomatic solutions for the Ukrainian conflict and calling for the lifting of restrictive measures against Moscow.
In an interview with Rheinische Post (Germany), Mr. Tsahkna accused Hungary of turning its back on Europe and following Russia's stance.
The Estonian diplomat warned that Budapest could become a hurdle for some important decisions related to EU policy towards Russia in the coming time, as these decisions require absolute consensus from all member states.
If Hungary refuses at a meeting scheduled for June, sanctions against Russia will automatically expire, forcing the EU to hand over hundreds of billions of dollars in frozen assets to Russia, Tsahkna said. He said this would force member states to use their people's tax money to continue supporting Ukraine.
RT said that about $300 billion in Russian assets have been frozen since the outbreak of the Ukrainian conflict in February 2022, of which $213 billion is being held at Euroclear - a payment institution based in Brussels (belgium). Interest rates arising from this asset class have reached billions of USD, with Euroclear alone transferring 1.63 billion USD to Kiev in July 2024.
The Estonian Foreign Minister cited Article 7 of the EU Treaty, which allows a member state to be deprived of voting rights if it is suspected of endangering the common security of the bloc and its member states. Mr. Tsahkna affirmed: "That is exactly what Hungarian Prime Minister Viktor Orban is doing".
Despite Belgium's repeated opposition to Russia's proposal to seize frozen assets over concerns about a "war act", Mr. Tsahkna reiterated the idea at a press conference on April 5. He also revealed that there is a legal basis for doing this, but did not specify the details.
Previously, on April 1, a number of EU countries issued a joint statement agreeing to continue to keep frozen Russian assets until the conflict is completely ended. However, they still called on members to increase pressure on Moscow with all available tools, including expanding sanctions.
Russia has repeatedly warned that any move to use its frozen assets would be considered an act of appropriation and could lead to serious legal consequences. This is seen as a warning against Western investments present in Russia.
