The European Union has overcome hurdles posed by Hungary to unlock funds from frozen Russian assets for purchasing arms to aid Ukraine, announced EU foreign policy chief Josep Borrell on Monday.
According to Hindustan Times this move comes after Hungary stalled approval of legal measures needed to release these funds, which are intended to support Ukraine amidst ongoing conflict with Russia.
Political Standoff with Hungary
EU member states had previously agreed in May to utilize profits from Russian assets frozen within the bloc to assist Ukraine, with a significant portion earmarked for military aid.
However, Hungary, known for its warmer relations with Moscow compared to other EU nations, has resisted endorsing the necessary legal framework.
Hungarian Prime Minister Viktor Orban has criticized EU and NATO members for supplying arms to Ukraine, arguing such actions escalate tensions rather than promoting peace.
Path Forward for Ukraine's Defense
Despite the political deadlock, EU officials have devised a legal mechanism to proceed with the decision, sidestepping the need for unanimous consent from all member states.
Borrell emphasized the urgency of deploying these funds, particularly with an initial tranche of 1.4 billion euros expected imminently.
This financial aid is crucial for bolstering Ukraine's defenses against Russian aggression, underscoring the EU's commitment to supporting Ukraine amidst the ongoing conflict.
Next Steps and International Response
As EU foreign affairs ministers convened in Luxembourg, Borrell expressed optimism that the plan would gain ministerial approval swiftly.
Meanwhile, Hungarian Foreign Minister Peter Szijjarto refrained from commenting on the issue as he entered the meeting.
The EU's initiative to allocate proceeds from frozen Russian assets directly to Ukraine for military purposes contrasts with the G7's recent decision to provide $50 billion in loans to Ukraine using future profits, illustrating global efforts to aid Ukraine amid geopolitical tensions.
