GBAF Logo
Global Banking & Finance Awards® 2026 Nominations open, free to enter Nominate now →
Scene depicting the aftermath of an Israeli airstrike that killed Al Jazeera journalists in Gaza - Global Banking & Finance Review
The image shows the aftermath of an Israeli airstrike in Gaza that claimed the lives of Al Jazeera journalists, including Anas Al Sharif. This tragic event highlights the ongoing conflict and its impact on press freedom.
Finance

Hungary loses court fight over frozen Russian asset profits for Ukraine

Published by Global Banking & Finance Review

Posted on September 9, 2026

1 min read

· Last updated: September 9, 2026

Add as preferred source on Google
Finance Banking Markets

Hungary Loses EU Court Dispute Over Frozen Russian Asset Profits for Ukraine

EU Court Ruling on Hungary's Challenge

Background of the Dispute

Sept 9 (Reuters) - The European Union's General Court on Wednesday dismissed Hungary's action against the EU's decision to use windfall profits from frozen Russian central bank assets for Ukraine's defence.

Court's Jurisdiction and Decision

The bloc's second-highest court said it had no jurisdiction over the matter.

Reporting and Sources

(Reporting by Bart Meijer)

Key Takeaways

  • The EU received €1.4 billion in windfall profits from Russian central bank assets on August 3, 2026—marking the fifth such tranche and bringing total revenue since immobilisation to around €8 billion, to be used for Ukraine (EU press release) (eeas.europa.eu).
  • Hungary argued it could challenge the EU’s use of those profits, but the General Court held it had no jurisdiction over the internal decision to repurpose interest from frozen assets (europarl.europa.eu).
  • This ruling reinforces the EU’s ability to direct proceeds from sanctioned Russian assets toward supporting Ukraine, despite political objections from a member state like Hungary (europarl.europa.eu).

References

Frequently Asked Questions

What was Hungary's court action about?
Hungary challenged the EU's decision to use windfall profits from frozen Russian central bank assets for Ukraine's defense.
Which court handled Hungary's dispute with the EU?
The case was handled by the European Union's General Court, the bloc's second-highest court.
What was the outcome of Hungary's legal challenge?
The EU's General Court dismissed Hungary's action, stating it had no jurisdiction over the matter.
What is the purpose of the frozen Russian asset profits?
The EU decided to use the windfall profits from frozen Russian central bank assets to support Ukraine's defense.
Who reported on the court decision?
The court decision was reported by Bart Meijer.

Tags

Related Articles

Image for UK summons air traffic boss after major outage as flights slowly resume

UK summons air traffic boss after major outage as flights slowly resume

Image for UK eases rules to support Openreach copper network switch-off from 2029

UK eases rules to support Openreach copper network switch-off from 2029

Image for UK's Goodwin to sell some defence assets to Cerberus for $1.5 billion

UK's Goodwin to sell some defence assets to Cerberus for $1.5 billion

Image for Zara owner Inditex reports profit miss despite strong August sales

Zara owner Inditex reports profit miss despite strong August sales

Image for Germany's Merz accuses far-right AfD of calling for 'ethnic cleansing'

Germany's Merz accuses far-right AfD of calling for 'ethnic cleansing'

Image for Google to invest $15 billion in AI infrastructure and buy nuclear power in Finland

Google to invest $15 billion in AI infrastructure and buy nuclear power in Finland

More from Finance

Explore more articles in the Finance category

Image for Yen gains on dollar; sentiment fragile as oil breaks $100 
Yen gains on dollar; sentiment fragile as oil breaks $100 
Image for Brent crude rises above $100 a barrel as Middle East conflict intensifies
Brent crude rises above $100 a barrel as Middle East conflict intensifies
Image for UK food price inflation to rise above 6% next year, industry says
UK food price inflation to rise above 6% next year, industry says
Image for Merz says disaster narrowly averted in Russia-prepared drone attack at airport
Merz says disaster narrowly averted in Russia-prepared drone attack at airport
Image for HSBC to wind down German business for transaction services, over 300 jobs to be phased out
HSBC to wind down German business for transaction services, over 300 jobs to be phased out
Image for Amazon starts selling first sterling bonds, lead managers say
Amazon starts selling first sterling bonds, lead managers say
Image for Booking loses court fight against EU veto of ETraveli deal
Booking loses court fight against EU veto of ETraveli deal
Image for Israel tells Britain to close East Jerusalem consulate within 30 days, sources say
Israel tells Britain to close East Jerusalem consulate within 30 days, sources say
Image for EU faces complaint over plan to simplify more environmental laws
EU faces complaint over plan to simplify more environmental laws
Image for German defence tech firm ARX Robotics enters Polish market
German defence tech firm ARX Robotics enters Polish market
Image for UK's Aberdeen names ex-Sampo CEO Magnusson as next chair
UK's Aberdeen names ex-Sampo CEO Magnusson as next chair
Image for Oil nears $100 as fresh Middle East strikes raise supply risks
Oil nears $100 as fresh Middle East strikes raise supply risks
View All Finance Posts