The EU is considering its options to block Hungary from vetoing hundreds of billions of dollars worth of sanctions against Russia, including an 81-year-old decree that can only be signed by the king of Belgium.
The bloc is set to vote on the rollover of economic sanctions against Russia, which allows the confiscation of Russian assets held in Europe and blocks the trade of Russian oil and gas.
The EU has imposed 15 rounds of sanctions on Russia since its invasion of Ukraine nearly three years ago. Those sanctions need to be extended every six months, with the next deadline on January 31.
The latest rollover is facing resistance from Hungary’s right-wing Prime Minister, Viktor Orbán, who has argued the bloc should wait to understand the new Trump administration’s view on Russian tariffs.
The extension of sanctions has been a routine affair to date. However, Orbán surprised the rest of the EU when he first called on the bloc to wait for Trump’s ascension on Monday before agreeing to extend the sanctions. The extension must receive unanimous approval from all 27 member states, with Hungary holding the option to veto.
Trump, who has previously praised Orbán, will become president 11 days before the expiry of EU sanctions.
There is hope in some corners that Trump will follow through on his promise of bringing a speedy end to Russia’s conflict in Ukraine, which would be expected to bring the lifting of sanctions against the country.
Since initially vocalizing his hesitancy to extend sanctions on Russia, Orbán has grown bolder in his backing of Russia.
“It’s time to throw sanctions out the window and to create a sanctions-free relationship with the Russians,” Orbán told state radio on Friday. “This is some way off, but we need to work on this.”
Were Orbán to follow through with EU members’ fears of a veto, the bloc would explore fallback options to retain some of Russia’s assets. One of the options the bloc is reportedly considering involves a wartime decree signed in 1944 that would enlist King Phillipe of Belgium.
The decree would allow the king to block the transfer of assets from the country, the Financial Times reported, citing four officials involved in the discussions.
Belgium holds around €190 billion in Russian state assets at the central securities depository, Euroclear.
A representative for the Royal Palace didn’t immediately respond to a request for comment. However, a spokesperson for the palace declined to tell the FT whether the king had been approached about the treaty. The palace added that any decision would be the government’s, not the king’s, though he would be required to sign the treaty.
Representatives for the European Commission and Euroclear didn’t immediately respond to a request for comment.
