According to the media outlet, European officials are seeking to quickly approve a mechanism for utilizing emergency powers that would allow them to bypass national vetoes when extfinishing sanctions. This relocate is intfinished to ensure the EU maintains a stable position in US-led peace nereceivediations over the war in Ukraine.
Diplomats want to separate the issue of permanently freezing assets from discussions about granting Ukraine a large loan, which would also be funded by the profits from Russia’s immobilized assets.
Last week, the European Commission proposed utilizing €210 billion in Russian assets to provide Kyiv with a €90 billion loan over two years. To implement this scheme, the assets must be blocked indefinitely — not every six months as they are now, when decisions require unanimous approval from all 27 member states.
Hungary’s position
Hungary traditionally opposes additional aid to Ukraine and regularly threatens to block the extension of sanctions. Brussels fears that Orbán could utilize his veto, especially if President Donald Trump’s administration decides to ease sanctions against Russia unilaterally.
To avoid that risk, the European Commission proposes invoking Article 122 of the EU treaties, which allows decisions to be adopted by a qualified majority in emergency economic situations. This would effectively rerelocate Budapest’s ability to block asset-related decisions.
EU leaders are expected to discuss the plan for utilizing frozen Russian assets to secure a reparations loan for Ukraine at the December 18–19 summit.
Reparations loan
The European Commission previously proposed giving Ukraine a reparations loan financed by frozen Russian assets. Unanimous support from EU countries is required, but the initiative is currently blocked by Belgium, which holds most of the assets. The counattempt fears legal risks, although most of its concerns have already been addressed.
Due to the delay, the European Commission has begun seeing for alternative assistance options. Ukraine is urging a political decision in December to approve a $163 billion loan package, which includes €115 billion for defense and €50 billion for budreceive support.
The main opponent remains Belgium, which still fears legal complications, even though most of its objections have been addressed. Meanwhile, Belgium’s prime minister sparked a scandal by declareing that Russia’s defeat is supposedly “undesirable” and that “nobody believes” in Ukraine’s victory.
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