HomeWorldFrozen Russian assets in Hungary reached $925m in November: report

Frozen Russian assets in Hungary reached $925m in November: report

BUDAPEST (Reuters) – Russian assets frozen by the government of Hungary, which has repeatedly stalled EU sanctions against Moscow, rose to 870 million euros ($925 million) at the end of November from a previously reported 3,000 euros, said the Nepszava newspaper.

The Hungarian government did not immediately respond to Reuters questions on Friday about the total Russian assets frozen under European Union sanctions.

Nepszava cited a European Commission document that said Hungary had reported freezing 870 million euros worth of Russian assets under sanctions as of November 25.

A Commission spokesman declined to give details of the frozen assets in Hungary, but said almost 19 billion euros linked to Russian people under sanctions were frozen in late November in EU member states.

The Commission proposed a plan late last month to compensate Ukraine for damages caused by Russia’s invasion with investment proceeds from Russian funds frozen under sanctions.

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Prime Minister Viktor Orban, in power since 2010, has cultivated close ties with Moscow as Hungary is heavily dependent on Russian oil and gas, and has repeatedly stalled EU sanctions against Russia.

His government reached a deal on Monday to secure billions in EU funds next year, helping to avoid a blow to Hungary’s currency and bonds, while keeping Budapest under some scrutiny over the conditions for curbing the corruption risks.

(Reporting by Anita Komuves; Editing by Alexander Smith)

Copyright 2022 Thomson Reuters.

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