Facebook Pinterest Tumblr
  • News
  • World
  • Politics
  • Sports
  • Entertainment
  • Technology
  • Healthcare
  • More
    • Lifestyle
    • Opinion
    • Automobiles
    • Markets
    • Economy
Search
Buna Times
Buna Times
  • News
  • World
  • Politics
  • Sports
  • Entertainment
  • Technology
  • Healthcare
  • More
    • Lifestyle
    • Opinion
    • Automobiles
    • Markets
    • Economy
HomeWorldEU seeks alternative solution...
September 17, 2024

EU seeks alternative solution to raise up to 40 billion euros for Ukraine without US

By David
Facebook
Twitter
Pinterest
WhatsApp


    The EU plans to attract up to 40 billion euros in loans for Ukraine without the US.

    .

    Brussels is developing an alternative financing solution to circumvent Hungary’s veto on continuing the freeze on Russian assets, the Financial Times reported, citing three people involved in the talks.

    The EU initiative comes amid concerns in Brussels that Hungary will prevent the bloc from providing guarantees the US needs to participate in the frozen assets scheme.

    The government of Viktor Orban, the EU’s most pro-Russian leader, has tried to delay a decision on the asset freeze scheme until after the US presidential election on November 5.

    The funds are intended to support the financial stability of Ukraine, which faces a financing gap of $38 billion in 2025, according to Kyiv and the IMF.

    Ukraine relies on foreign aid to stay afloat as Russia steps up attacks on its infrastructure.

    The EU plans to provide Ukraine with an unspecified number of billions in loans by the end of 2024, according to a draft legislative proposal seen by the FT.

    Such a move, expanding the existing aid program, would require majority support rather than unanimity, stripping Budapest of its veto power.

    The final amount could be between 20 billion and 40 billion euros and will be set by the European Commission after consultation with member states, officials said.

    In June, G7 leaders agreed to provide Ukraine with a $50 billion loan to be repaid with future revenues from Russia’s frozen foreign exchange reserves, much of which are held at Euroclear, Belgium’s central securities depository.

    Under the plan, the EU and the US would each provide 20 billion, with the remaining 10 billion to be shared between the UK, Japan and Canada.

    But the US, to ensure a steady stream of revenue to service the loan, demanded guarantees that Russian assets, most of which are in Europe, would remain frozen.

    The commission, in turn, proposed extending the bloc’s asset-freezing sanctions on Russian assets from the current six-month period to 36 months to provide greater legal certainty.

    Other proposed options include extending sanctions for five years.

    But Orban, who has vetoed EU support for Ukraine in the past, is blocking such a move.

    A Hungarian government spokesman told EU ambassadors in Brussels on Monday that the issue would have to be resolved after the US elections.

    As an alternative, the EU is now considering providing loans under the existing financial support package, which expires at the end of this year.

    The scheme would involve increasing the bloc’s overall borrowing and would be supported by the EU’s overall budget.

    The EU plan would provide some of the $20 billion that Washington would have to provide under the G7’s original proposal if the Biden administration fails to provide the loan before the election. Brussels officials hope Washington will provide the funds anyway, thereby reducing the risks for the EU.

    Otherwise, Brussels must begin work in the next few weeks to clear all the necessary legislative hurdles in a timely manner, as the support package for Ukraine expires at the end of the year.

    Source: Racurs

    David
    David

    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.

    Related

    - A word from our sponsors -

    Most Popular

    Poetry from Hungary and Slovaks is exported from heavy rain and veteran

    Trump has changed: the USA is serving Ukraine

    Russians fired in the Kherson region in the morning, three injured

    In Greece, due to 40-degree heat, introduced mandatory breaks at work

    • Tags
    • European Union

    LEAVE A REPLY Cancel reply

    Please enter your comment!
    Please enter your name here
    You have entered an incorrect email address!
    Please enter your email address here

    Previous article
    A helicopter crashed in Russia
    Next article
    Musk embarrassed himself with a message about the assassination attempt on Trump

    More from Author

    World

    Poetry from Hungary and Slovaks is exported from heavy rain and veteran

    Trains from Hungary and Slovakia are delayed...
    David -
    World

    Trump has changed: the USA is serving Ukraine

    The US Department of Defense will transfer...
    David -
    World

    Russians fired in the Kherson region in the morning, three injured

    David -
    World

    In Greece, due to 40-degree heat, introduced mandatory breaks at work

    David -

    - A word from our sponsors -

    Read Now

    Poetry from Hungary and Slovaks is exported from heavy rain and veteran

    Trains from Hungary and Slovakia are delayed from shed rains and winds in transcarpathy and in neighboring countries. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } Korusalizitsi said that it...

    Trump has changed: the USA is serving Ukraine

    The US Department of Defense will transfer additional weapons to Ukraine .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } This was declared by the representative of the Pentagon Sean Parnell. ...

    Russians fired in the Kherson region in the morning, three injured

    In Greece, due to 40-degree heat, introduced mandatory breaks at work

    Results 07.07: APU drones in Russia and weapons from Trump

    No more terrorists: The United States excludes Syria’s Pro -Government Organization from the list

    OPEC+ plans another increase in oil production – media

    In Moscow, they react to Trump’s “Customs” threat

    The safety from the fire in Paris is glorified by an alien

    Nikolaev attacked Russian drones: a fire in suburbs

    Trump has announced many weapons for Ukraine

    Due to inclement weather, European movement schedule and companies have changed

    Buna Time
    • DMCA
    • Privacy Policy
    • Terms of Use
    • Contact Us
    • Advertising and Outreach

    All Rights Reserved © 2023 - Buna Times