Hungary delaying financing of arms for Ukraine using profits from frozen Russian assets - media

Hungary delaying financing of arms for Ukraine using profits from frozen Russian assets - media

Hungary is delaying legislation that would allow Ukraine to receive up to EUR 2 billion from the EU for arms, dealing a blow to plans to utilize the proceeds from frozen Russian assets.

Financial Times reported this with reference to informed sources, Ukrinform saw.

As noted, after a long debate, members of the European Union agreed this month to use the profits from about 190 billion euros of frozen Russian assets, which are stored in the Belgian depository Euroclear, for the purchase of weapons for Ukraine.

Read also: Due to Hungary's position, CoE Committee of Ministers changed format of declaration on Zelensky Formula

However, according to five persons who participated in the May 22 meeting of EU ambassadors, the Hungarian envoy opposed the acceleration of payments, thus standing in the way of EU’s unanimous support for each payment to Ukraine.

At the moment, Budapest is blocking anything related to military support for Ukraine, according to an FT source, who suggested that Hungary’s reservations may remain in place at least until next month's EU elections.

In order to reach an agreement on the use of profits off frozen Russian assets, EU officials offered Hungary an agreement according to which its share of Brussels funds would not be used to purchase weapons for Ukraine, the publication's source said.

This convinced Budapest not to impose a veto, but it is still hampering the effort by failing to endorse the required legislation. Hungary generally does not object, but has concerns about payment automation. Diplomats hope to find a way to resolve these issues before the payment scheduled for July. Hungary refused to comment on such plans.

Hungary has previously inhibited numerous European decisions related to support for Ukraine. However, Budapest eventually caved in under diplomatic pressure from Brussels and Washington, in particular regarding the EUR 50 billion aid package for Kyiv.

As Ukrinform reported earlier, Prime Minister Viktor Orbán of Hungary said his country was working on "rethinking" its NATO membership status so that the country can refuse to participate in the Alliance's actions beyond its borders.

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