Szijjarto, speaking at a meeting of EU foreign ministers in Brussels, stated that this amount “will go toward armaments for Ukraine,” warning that this measure contradicts the interests of his people and will cause “tens or hundreds of thousands of additional victims.”

This measure will create a risk of escalating the conflict, something we haven’t seen in the last two or three years, Szijjarto warned.

He emphasized that a war between Europe and Russia would have devastating consequences for the European Union.

Analysts like Hungarian Prime Minister Viktor Orban have previously described any confiscation as “an act equivalent to a declaration of war.”

Hungary’s position resonates with the concerns of countries like Belgium, home to the majority of these assets, which fears for the stability of the euro and potential reprisals.

Meanwhile, the EU’s High Representative for Foreign Affairs and Security Policy, Kaja Kallas, admitted the difficulties in reaching a consensus, now seeking approval by qualified majority.

For its part, Moscow has declared that any confiscation would be an “act of theft.” Russian Justice Minister Konstantin Chuychenko asserted that his government already has proportionate countermeasures prepared to protect the nation’s sovereign assets.

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