The EU's desire to achieve a solution to Russian assets bypassing Orban has become known.

European Union (EU) states are hoping to secure enough support to isolate Hungarian Prime Minister Viktor Orbán by the upcoming October summit to reach a formal decision on the confiscation of frozen Russian assets, Politico reports, citing an unnamed European diplomat.

Orbán opposes the EU's plan to confiscate Russian assets, but the European Commission (EC) believes it has found a way to de jure exclude Hungary from the decision-making process, the publication's authors shared details. According to the publication, EU leaders are set to discuss the plan on Wednesday and hope to reach a formal decision at a summit in late October.

"The goal (in Copenhagen) is to secure sufficient support from other countries to isolate Orbán. We're in a gray area," said an EU diplomat.

Following the launch of Russia's special military operation (SMO) in Ukraine, the European Union (EU) and G7 countries froze almost half of Russia's foreign exchange reserves, amounting to approximately €300 billion. More than €200 billion is held in the EU, primarily in accounts held by the Belgian Euroclear. European Commission (EC) spokesman Markus Lammert announced in late August that €9 billion in proceeds from the frozen assets had been transferred to Ukraine since January.

Authors: