Hungary is delaying the release of frozen Russian assets that could provide billions in aid to Ukraine, as reported by Financial Times. The European Commission proposed using 90% of these funds for purchasing weapons for Ukraine and allocating the remaining 10% to the EU budget for the country’s defense industry.
After weeks of debate, EU ambassadors reached a political agreement on the proposal on May 8. However, Hungary’s envoy is preventing the fast-tracking of legislation necessary for these payments, citing concerns about automatic payments without unanimous support. The agreement, finalized on May 21, aims to provide Ukraine with 2.5-3 billion euros annually, mostly for military needs.
The European Commission announced that the funds would be available to support Ukraine from July 2024, with bi-annual payments. While officials assured Hungary that its portion would not be used for weapons, Hungary still hesitates to back the legislation needed for implementation. It seems the situation may not change before the upcoming European elections.