Since Hungary avoided a preliminary agreement on the allocation of proceeds from Russian fixed assets, it “should not be part of the decision on the use of this money.”
EU diplomacy chief Josep Borrell said the European Union has come up with a legal solution to bypass Hungary’s veto on arms purchases for Ukraine using profits from Russian fixed assets today year. It was reported by the Financial Times.
According to Borrell, since Hungary avoided a preliminary agreement on the allocation of proceeds from Russian fixed assets, it “should not be part of the decision on the use of this money.”
He added that the workaround is “complicated, like any legal solution, but it works.”
Bypassing Budapest could also remove an obstacle that could complicate G7 efforts to raise a $50 billion loan for Kyiv by December, to be repaid from future revenues – a decision made by leaders at a summit in Italy earlier this month.
Almost 200 billion euros are sitting idle in the EU, mostly in Belgium, and the bloc earlier this year agreed to use the proceeds in February to buy weapons for Ukraine.
As is well known, Hungary has long been opposed to the EU providing joint military support to Ukraine. Budapest is also blocking seven other decisions related to arming Kyiv, worth around 6.6 billion euros.
On Monday, June 24, EU foreign ministers will discuss a legal solution.
Concerns from the United States and other G7 partners that Hungary could block an EU decision to keep Russian assets frozen indefinitely caused a major delay in negotiations on the $50 billion loan.
It was previously reported that Hungary is blocking the confiscation of the Russian Federation’s frozen assets.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.