Kateryna Girnyk13:28, 05/25/24

Sources say Budapest’s bans will remain in place at least until the European elections.

Hungarian Prime Minister Viktor Orban is blocking the adoption of a law that would allow Ukraine to receive up to 2 billion euros from the EU for armaments from frozen Russian assets.

According to the Financial Times , after many months of debate, the EU countries agreed this month to use the profits from about 190 billion euros of Russian assets stuck in the Belgian central securities depository Euroclear, for the purchase of weapons for Ukraine.

At the same time, Hungary objects to the acceleration of payments, refusing the requirement of unanimous support of the EU27 for each payment to Ukraine, five knowledgeable sources told the FT.

“At the moment, they are blocking everything related to military support for Ukraine,” said one interlocutor, suggesting that Budapest’s bans will last at least until next month’s European elections.

According to another source, in order to secure an agreement to use profits from frozen Russian assets, EU officials offered Hungary a deal under which its share of Brussels funds would not be used to buy weapons for Ukraine.

“This has convinced Budapest not to veto the scheme, but it is delaying the implementation of the conditions by not supporting the necessary legislation. Budapest does not object in principle, but it has doubts about automatic payments,” writes the FT, citing informed sources.

Diplomats hope to find a way to resolve the issues before the next payment is due in July. Hungary declined to comment.

“Any decision at the G7 level regarding the use of future profits will require the unanimous support of the EU27 countries, which will give Hungary another opportunity to disrupt efforts to further finance Ukraine,” the publication emphasizes.

Hungary and the war in Ukraine

Initially, Budapest condemned the Russian Federation’s full-scale invasion of Ukraine, but refused to provide the country with military aid, and also maintained relations with Moscow.

Prime Minister Viktor Orban promised European aid to Ukraine , and also opposed its membership in NATO and the European Union.

He also called for a ceasefire and to sit down at the negotiating table with Moscow, as he is convinced that Ukraine is not capable of defeating Russia.

(C)UNIAN 2024