Copyright © 2024 Euromaidanpress.com

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

Financial Times: Orbán holds up Ukraine arms funding from frozen Russian assets

Hungary objects to proposal to fast-track up to €2bn worth of weapons for Kyiv, after months of debate on the issue within the European Union.
Prime Minister of Hungary Viktor Orbán.
Prime Minister of Hungary Viktor Orbán. Photo via Eastnews.ua.
Financial Times: Orbán holds up Ukraine arms funding from frozen Russian assets

After months of debate, EU countries agreed to use the proceeds of some 190 billion euros stuck in the Belgian central securities depository Euroclear to buy weapons for Ukraine.

However, Hungary has blocked the European Union’s approval of the channeling of revenues from frozen Russian assets for the purchase of weapons for Ukraine.

The Financial Times newspaper learned about this from five people attending a meeting of EU ambassadors on Wednesday.

But Hungary’s envoy has objected to fast-tracking payments by forgoing a requirement for unanimous EU27 backing for each disbursement to Ukraine.

“For the time being they are blocking everything connected to the military support to Ukraine,” said one of the people, suggesting that Budapest’s reservations would remain until at least next month’s European elections.

Orbán has long argued that the west cannot win the war in Ukraine, and Hungary has held up numerous European decisions relating to the conflict. But Budapest has ultimately relented under diplomatic pressure from the EU and Washington, including over a €50bn aid package to Kyiv.

Persuading Orban

To secure an agreement over using profits from frozen Russian assets, EU officials offered Hungary a deal whereby their share of the Brussels funds would not be used to purchase weapons for Ukraine, a second person said.

The breakthrough came after a meeting between Orban, German Chancellor Olaf Scholz, and other EU leaders, Spiegel reported.

That convinced Budapest not to veto the scheme but it is holding up the implementation of the terms by failing to back the necessary legislation. Budapest is not opposed in principle but has concerns about making payments automatic, according to people familiar with its thinking.

Diplomats are hopeful that a way can be found to untangle the issues before the payment is scheduled in July. Hungary declined to comment.

Read more:

You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here



    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!

    Related Posts