EU set to lock up Russia's frozen assets so Hungary and Slovakia can't veto their use for Ukraine

BRUSSELS (AP) — The European Union is expected on Friday to lock up Russia’s assets held in Europe until it gives up its war in Ukraine and compensates its neighbor for the heavy damage that it has inflicted for almost four years.

The move is an important step that would allow EU leaders to work out at a summit next week how to use the tens of billions of euros in Russian Central Bank assets to underwrite a huge loan to help Ukraine meet its financial and military needs over the next two years.

Hungarian Prime Minister Viktor Orbán – Russian President Vladimir Putin’s closest ally in Europe – accused the European Commission, which prepared the decision, “of systematically raping European law.”

A total of 210 billion euros ($247 billion) in Russian assets are frozen in Europe. The vast majority of the funds — around 193 billion euros ($225 billion) at the end of September — are held in Euroclear, a Belgian financial clearing house.

The money was frozen under sanctions that the EU imposed on Russia over the war it launched on Feb. 24, 2022, but these sanctions must be renewed every six months, and all 27 member countries must approve them for that to happen.

Hungary and Slovakia oppose providing more support to Ukraine.

Friday’s expected decision, which is based on EU treaty rules allowing the bloc to protect its economic interests in certain emergency situations, would prevent them from blocking the sanctions rollover and make it easier to use the assets.

Orbán said on social media that it means that “the rule of law in the European Union comes to an end, and Europe’s leaders are placing themselves above the rules.”

“The European Commission is systematically raping European law. It is doing this in order to continue the war in Ukraine, a war that clearly isn’t winnable,” he wrote. He said that Hungary “will do everything in its power to restore a lawful order.”

In a letter to European Council President António Costa, who will chair the summit starting on Dec. 18, Slovak Prime Minister Robert Fico said that he would refuse to back any move that “would include covering Ukraine’s military expenses for the coming years.”

He warned “that the use of frozen Russian assets could directly jeopardize U.S. peace efforts, which directly count on the use of these resources for the reconstruction of Ukraine.”

But the commission argues that the war has imposed heavy costs by hiking energy prices and stunting economic growth in the EU, which has already provided nearly 200 billion euros ($235 billion) in support to Ukraine.

French Foreign Minister Jean-Noël Barrot described the expected move as “a major decision that will undoubtedly influence the course of the war and accelerate peace.”

“Because Europeans do not want to let anyone else decide for them ... we have decided to lock those sums (assets) for as long as necessary,” Barrot said on France Info news broadcaster.

The decision would also prevent the assets from being used in any way without European approval. A 28-point peace plan drafted by U.S. and Russian envoys stipulated that the EU would release the frozen assets for use by Ukraine, Russia and the United States. That plan was rejected by Ukraine and its backers in Europe.

Belgium, where Euroclear is based, is opposed to the “reparations loan” plan. It says that the plan “entails consequential economic, financial and legal risks,” and has called on other EU countries to share the risk.

Russia’s Central Bank, meanwhile, said on Friday that it has filed a lawsuit in Moscow against Euroclear for damages it says were caused when Moscow was barred from managing the assets. Euroclear declined to comment.

In a separate statement, the Central Bank also described wider EU plans to use Russian assets to aid Ukraine as “illegal, contrary to international law,” arguing that they violated “the principles of sovereign immunity of assets.”

Karel Janicek in Prague, Sylvie Corbet in Paris and Katie Marie Davies in Manchester, England, contributed to this report.

FILE - Russian President Vladimir Putin, right, and Hungarian Prime Minister Viktor Orban shake hands during their meeting at the Senate Palace of the Kremlin in Moscow, Russia, Nov. 28, 2025. (Alexander Nemenov/Pool Photo via AP, File)

FILE - A view of the headquarters of Euroclear in Brussels, on Oct. 23, 2025. (AP Photo/Geert Vanden Wijngaert, File)

FILE - From left, Belgium's Prime Minister Bart De Wever, Germany's Chancellor Friedrich Merz, Hungary's Prime Minister Viktor Orban and Slovakia's Prime Minister Robert Fico attend a round table meeting at an EU summit in Brussels, Thursday, June 26, 2025. (AP Photo/Geert Vanden Wijngaert, File)

FILE - The European Union and Ukrainian flags flap in the wind to mark the third anniversary of Russia's full-scale invasion of Ukraine outside EU headquarters in Brussels, Feb. 24, 2025. (AP Photo/Virginia Mayo, File)

Cars drive past Euroclear headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Sylvain Plazy)

Russian President Vladimir Putin, left, speaks with Hungarian Prime Minister Viktor Orban during their meeting at the Senate Palace of the Kremlin in Moscow, Russia, Friday, Nov. 28, 2025. (Alexander Nemenov/Pool Photo via AP)

European Commission President Ursula von der Leyen speaks during a media conference regarding Ukraine's financing needs for 2026-2027 at EU headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Harry Nakos)

ST. MORITZ, Switzerland (AP) — The queen of downhill skiing is well and truly back.

Lindsey Vonn raced to a stunning fast win in a World Cup downhill on Friday to earn her first victory in nearly eight years — and the first in her comeback with titanium implants in her right knee after a five-year retirement.

The 41-year-old United States ski great seized the lead by an astonishing 1.16 seconds ahead of Mirjam Puchner of Austria. Even wilder was that Vonn trailed by 0.61 after the first two time checks.

Vonn's lead was later cut to 0.98 — still a massive margin in downhill — when unheralded Magdalena Egger took second place from teammate Puchner.

“It was an amazing day, I couldn’t be happier, pretty emotional," Vonn told Swiss broadcaster RTS. "I felt good this summer but I wasn’t sure how fast I was. I guess I know now how fast I am.”

It was a perfect start to her Olympic season to get a first victory since a downhill in March 2018 at Are, Sweden.

Vonn's superb debut working with new coach Aksel Lund Svindal, a men's downhill great who won the 2018 Pyeongchang Olympics title, suggests their stellar partnership is paying off.

Her run Friday looked routine when she dropped tenths of seconds to Puchner's time on the top half of the sunbathed Corviglia course, where the finish is at altitude above 2,000 meters (6,500 feet).

Vonn then was faster than anyone through the next speed checks, touching 119 kph (74 mph), and posted the fastest time splits for the bottom half.

She skied through the finish area and bumped against the inflated safety barrier, lay down in the snow and raised her arms on seeing her time.

Vonn got up, punched the air with her right fist and shrieked with joy before putting her hands to her left cheek in a sleeping gesture.

The 2010 Olympic champion is targeting another gold medal at the Milan Cortina Winter Games in February. Women's Alpine skiing is at the storied Cortina d'Ampezzo course in the Dolomites, which Vonn has mastered in her career.

“Obviously my goal is Cortina but if this is the way we start I think I'm in a good spot,” said Vonn, who will be favored for another downhill win Saturday at St. Moritz.

Friday’s race was Vonn’s 125th start in World Cup downhill in her storied career, 24 years after the first at Lake Louise, Canada.

She has now won a record-extending 44 of them, including at St. Moritz in 2012, and has 83 race victories across all World Cup disciplines.

Her previous win at Are came weeks after Vonn took bronze in downhill at the Pyeongchang Winter Games in South Korea, which was the last time she went to an Olympics.

She also won gold in downhill at the Vancouver Olympics in 2010, and at the 2009 world championships at Val d’Isere, France.

United States' Lindsey Vonn competes in an alpine ski, women's World Cup downhill in St. Moritz, Switzerland, Friday, Dec.12, 2025. (Jean-Christophe Bott/Keystone via AP)

United States' Lindsey Vonn celebrates at the finish area of an alpine ski, women's World Cup downhill in St. Moritz, Switzerland, Friday, Dec.12, 2025. (AP Photo/Luciano Bisi)

United States' Lindsey Vonn listens to Aksel Lund Svindal ahead of an alpine ski, women's World Cup downhill in St. Moritz, Switzerland, Friday Dec. 12, 2025. (AP Photo/Gabriele Facciotti)

United States' Lindsey Vonn looks on ahead of an alpine ski, women's World Cup downhill in St. Moritz, Switzerland, Friday Dec. 12, 2025. (AP Photo/Gabriele Facciotti)

United States' Lindsey Vonn celebrates at the finish area of an alpine ski, women's World Cup downhill in St. Moritz, Switzerland, Friday Dec.12, 2025. (AP Photo/Luciano Bisi)

United States' Lindsey Vonn speeds down the course during an alpine ski, women's World Cup downhill in St. Moritz, Switzerland, Friday Dec. 12, 2025. (AP Photo/Gabriele Facciotti)

United States' Lindsey Vonn celebrates at the finish area of an alpine ski, women's World Cup downhill in St. Moritz, Switzerland, Friday Dec.12, 2025. (AP Photo/Luciano Bisi)