The EU has developed a workaround to Hungary's veto on arms purchases

The European Union has developed a legal workaround to circumvent Hungary's veto on arms purchases for Ukraine using the proceeds of Russia's frozen assets this year.

This was stated by the head of EU diplomacy, Josep Borrell, RBC-Ukraine reports citing Financial Times.

He noted that since Hungary abstained from the previous agreement on the allocation of proceeds from Russia's frozen assets, it "should not be part of the decision on the use of this money." Borrell added that this 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 receipts - a decision made by leaders at a summit in Italy earlier this month.

Almost €200 billion is immobilized in the EU, mostly in Belgium, and the bloc agreed earlier this year to use the profits made in February to buy weapons for Ukraine.

Hungary has long opposed the EU collectively providing military support to Ukraine. Budapest is also blocking seven other decisions related to Kyiv's armaments, worth about €6.6 billion.

Author - Dmitriy Levchenko, 24/06/2024