EU court rejects Hungary’s bid to block Russian asset profits for Ukraine

The General Court of the European Union has dismissed Hungary’s legal challenge against the bloc’s decision to use windfall profits generated by frozen Russian central bank assets to support Ukraine’s defence, Reuters reports.

The EU’s second-highest court ruled that it did not have jurisdiction to hear the case.

The lawsuit had been filed by Hungary’s previous government in an effort to prevent profits generated from immobilized Russian assets from being used to support Ukraine’s military.

The ruling comes as the EU continues to use proceeds generated by frozen Russian state assets to provide financial support to Ukraine amid the ongoing conflict with Russia.

The bloc has immobilized approximately €210 billion in Russian central bank assets under its sanctions regime, with the resulting profits being directed toward supporting Ukraine.

By Vafa Guliyeva