EU governments agreed in May to use windfall profits from frozen Russian assets inside the bloc to help Ukraine, with 90% of funds earmarked for military aid, according to an initial proposal by the European External Action Service (EEAS), the bloc’s diplomatic arm.
But Hungary has been holding up approval of the necessary legal measures until now.
Monday’s agreement was made possible after the EU’s chief diplomat Josep Borrell suggested a legal measure making it possible to exclude Hungary and any member that abstained from the original decision.
“The treaty provides legal ways to advance even if some member states don’t want to participate,” Borrell told reporters ahead of the meeting of EU foreign ministers in Luxembourg.
“Since Hungary didn’t participate in the decision [authorising the use of the funds], it shouldn’t participate in the implementation,” he added.
Hungary’s Foreign Minister Peter Szijjarto did not comment to reporters before the meeting, but commented in a Facebook post: “Billions more for Ukraine – this time by breaking European rules and leaving Hungary out.”
EU diplomats are split whether this decision could be replicated in the future, with the majority stating the legal circumstances were potentially unique.
“Now we have to implement this decision. The money will come next week and I cannot have this money in my pocket – this money is for military support to Ukraine,” Borrell told reporters.
The €1.4 billion tranche, due to be sent to Ukraine in in the coming weeks, is part of more than €2.5 billion earmarked for Kyiv from such windfall profit funds for this year.
The EU’s plan for the immediate use of windfall profits from frozen Russian assets is separate from a decision by G7 leaders two weeks ago, which referred to the use of future proceeds to front-load “approximately $50 billion” in loans to Ukraine.
[Edited by Rajnish Singh]
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Source link : https://www.euractiv.com/section/europe-s-east/news/eu-finds-legal-way-to-circumvent-hungarian-veto-on-ukraine-support-from-frozen-russian-assets/
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Publish date : 2024-06-24 13:55:18
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