The decision comes after months of debate within the EU, which had previously agreed to use the proceeds from around €190 billion stuck in the Belgian central securities depository Euroclear. The funds were intended to support Ukraine’s military efforts against the ongoing conflict with Russia.
However, the Hungarian ambassador opposed the acceleration of payments, making it impossible to ensure that the principle of unanimity in making such decisions is respected. This has led to a situation where “at the moment, they are blocking everything related to military support to Ukraine,” said one source.
Hungary’s reservations are expected to remain at least until next month’s European elections. Hungarian Prime Minister Viktor Orbán has long argued that the West cannot win the war in Ukraine, and Hungary has stalled numerous European decisions related to the war.
Despite the current block, it’s worth noting that Budapest eventually relented under diplomatic pressure from the EU and Washington in the past, including with regard to a €50 billion aid package for Kyiv. This suggests that negotiations may still lead to a resolution in the future.
In conclusion, Hungary’s decision to block the EU’s effort to fund Ukraine’s military with frozen Russian assets is a significant development in the ongoing conflict. It will be important to monitor how negotiations progress in the coming weeks
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