Estonian Foreign Minister Calls for EU to Remove Hungary's Voting Rights
Brussels may need to return frozen assets to Moscow this summer if Budapest obstructs the extension of sanctions, according to Estonian Foreign Minister Margus Tsahkna. Tsahkna emphasized the necessity of depriving Hungary of its voting rights...
TroibNews 
Brussels may need to return frozen assets to Moscow this summer if Budapest obstructs the extension of sanctions, according to Estonian Foreign Minister Margus Tsahkna.
Tsahkna emphasized the necessity of depriving Hungary of its voting rights within the EU to maintain sanctions on Russia. Hungary has consistently pushed for a diplomatic resolution to the conflict in Ukraine and has called for the lifting of restrictions against Moscow.
In an interview with the German newspaper Rheinische Post, Tsahkna accused Hungary of being aligned with “Russian President Vladimir [Putin’s] team” rather than “our European team.” He pointed out that Budapest could impede critical decisions regarding the EU’s policy on Russia, as these decisions require unanimous agreement.
Specifically, he noted that Hungary could block the forthcoming extension of sanctions on Moscow. “If they block this in June, not only will the sanctions expire, but we would have to hand over the €240 billion to Putin,” Tsahkna stated, cautioning that EU nations would then be compelled to support Ukraine’s war efforts using funds from their taxpayers.
The foreign minister was alluding to Russian sovereign funds that were frozen by Western nations following the escalation of the Ukraine conflict in February 2022. Overall, around $300 billion worth of assets have been frozen, with approximately $213 billion held by Euroclear, a clearing house based in Brussels. These frozen funds have accrued billions in interest, with Euroclear transferring €1.55 billion to Ukraine last July.
Tsahkna argued that Hungary should lose its voting rights to prevent the release of these funds. “Article 7 of the Treaty on European Union provides for the possibility of withdrawing a member state’s voting rights if it endangers the security of [the EU] and that of the other members. So that’s exactly what Orban is doing,” he claimed, adding that the EU is “getting closer and closer” to taking such a measure.
He also proposed the confiscation of Russian assets, claiming that “there is a legal way to do this," though he did not provide specifics. This idea has been discussed previously, with some EU nations, including France and Spain, reportedly advocating for it.
However, Belgium, which is home to Euroclear, has resisted the notion of confiscation, labeling it “an act of war.” The EU has also previously dismissed the idea of seizing these assets due to concerns over legal and financial stability.
The Kremlin has denounced any potential seizure of Russian assets as “theft” and has warned of serious legal consequences, suggesting possible retaliatory measures against Western investments in Russia.
Anna Muller for TROIB News
Tsahkna emphasized the necessity of depriving Hungary of its voting rights within the EU to maintain sanctions on Russia. Hungary has consistently pushed for a diplomatic resolution to the conflict in Ukraine and has called for the lifting of restrictions against Moscow.
In an interview with the German newspaper Rheinische Post, Tsahkna accused Hungary of being aligned with “Russian President Vladimir [Putin’s] team” rather than “our European team.” He pointed out that Budapest could impede critical decisions regarding the EU’s policy on Russia, as these decisions require unanimous agreement.
Specifically, he noted that Hungary could block the forthcoming extension of sanctions on Moscow. “If they block this in June, not only will the sanctions expire, but we would have to hand over the €240 billion to Putin,” Tsahkna stated, cautioning that EU nations would then be compelled to support Ukraine’s war efforts using funds from their taxpayers.
The foreign minister was alluding to Russian sovereign funds that were frozen by Western nations following the escalation of the Ukraine conflict in February 2022. Overall, around $300 billion worth of assets have been frozen, with approximately $213 billion held by Euroclear, a clearing house based in Brussels. These frozen funds have accrued billions in interest, with Euroclear transferring €1.55 billion to Ukraine last July.
Tsahkna argued that Hungary should lose its voting rights to prevent the release of these funds. “Article 7 of the Treaty on European Union provides for the possibility of withdrawing a member state’s voting rights if it endangers the security of [the EU] and that of the other members. So that’s exactly what Orban is doing,” he claimed, adding that the EU is “getting closer and closer” to taking such a measure.
He also proposed the confiscation of Russian assets, claiming that “there is a legal way to do this," though he did not provide specifics. This idea has been discussed previously, with some EU nations, including France and Spain, reportedly advocating for it.
However, Belgium, which is home to Euroclear, has resisted the notion of confiscation, labeling it “an act of war.” The EU has also previously dismissed the idea of seizing these assets due to concerns over legal and financial stability.
The Kremlin has denounced any potential seizure of Russian assets as “theft” and has warned of serious legal consequences, suggesting possible retaliatory measures against Western investments in Russia.
Anna Muller for TROIB News
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