EU countries are to fast-track a decision to indefinitely immobilise up to €210bn in Russian sovereign assets, in an attempt to bypass Hungary’s Prime Minister Viktor Orbán even before Europe’s leaders meet for a summit next week.
The hurried effort to pass the legislation — which invokes emergency powers to override national vetoes on the extension of sanctions — aims to protect Brussels’ leverage in US-led peace talks over the war in Ukraine, according to officials familiar with the plans.
Diplomats handling the legislation see advantage in moving swiftly in coming days to detach the contentious question of immobilising assets from the debate on raising loans for Kyiv backed by the frozen Russian funds. That funding question will be left to EU leaders next week.