Hungary slows down aid to Ukraine from profits from russian assets

Hungary has blocked the European Union's approval of the transfer of profits from russian frozen assets to the purchase of weapons for Ukraine. 

After a long debate, the countries of the European Union did agree to use the profits from about 190 billion euros, stuck in the Belgian central depository of securities Euroclear, for the purchase of weapons for Ukraine.

However, the ambassador of Hungary opposed the acceleration of payments, which did not allow to ensure compliance with the principle of unanimity in the adoption of such decisions.

"At the moment, they are blocking everything related to military support for Ukraine," said one interlocutor, suggesting that Budapest's reservations will remain at least until next month's European elections.

According to the second interlocutor, in order to reach an agreement on the use of profits from frozen russian assets, EU officials offered Hungary a deal. According to it, part of the funds allocated by Brussels will not be used for the purchase of weapons for Ukraine.

This convinced Budapest not to veto the scheme, but it is delaying compliance by failing to support the necessary legislation. Budapest is not opposed in principle, but has concerns about the automation of payments.

"I have seven legal documents awaiting approval to mobilize about €5 billion in military support for Ukraine. This delay can be measured in human lives. This is not a financial problem, it is a problem of human lives," Borrell stressed.

He agreed that any member country could have legitimate reasons to disagree with something and consider some issues unrelated to the document in question. But there must be a certain proportionality between such a concern and the weight of those issues which, as a result of such a position, cannot be resolved by other participants in the process.

Diplomats hope to find a way to resolve these issues before the July payment. 

Source: Ukrinform, Financial Times