Borrell: The EU has found a way to bypass Hungary’s veto on aid to Kyiv at the expense of Russian assets
The European Union (EU) has found a legal loophole to circumvent Hungary’s veto on arms purchases for Ukraine using profits from Russia’s frozen assets. Head of European diplomacy Josep Borrell spoke about a new way to circumvent Budapest’s decision to help Kyiv in an interview with the Financial Times (FT).
Because Hungary had abstained from a previous agreement to seize proceeds from Russia’s frozen assets, it “should not be part of the decision on how to use that money,” he said.
It is noted that bypassing Hungary’s decision in this way will help remove an obstacle that “could complicate the efforts” of the Group of Seven (G7) countries to attract a loan of $50 billion for Kyiv by December 2024.
Officials and newspaper sources noted that this workaround for the use of asset income, which European foreign ministers will discuss on June 24, will be enough to guarantee repayment of the loan.
Previously, Hungary blocked the withdrawal of income from frozen assets of Russia to cover the needs of the Armed Forces of Ukraine (AFU). EU countries, after lengthy negotiations, agreed to transfer almost two billion euros to Ukraine, but the representative of Hungary at the meeting of ambassadors spoke out against this initiative.
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