European Union (EU) Member States, agreed on a Plan to send Ukraine €1.4 billion euros ($1.5 billion) in Military Aid from the Windfall Profits of Frozen Russian Assets, after finding a way to circumvent a Hungarian Veto.
The Decision was Approved as EU Foreign Ministers met in Luxembourg on Monday.
The move came after Josep Borrell, the EU’s Top Diplomat, suggested that Viktor Orban’s Government can be essentially stripped of a Vote on the Issue, given that Hungary has Abstained from a previous EU Decision Authorizing the use of the Funds.
“The treaty provides legal ways to advance even if some member state doesn’t want to participate,” Borrell said. “Since Hungary didn’t participate in the decision, it shouldn’t participate in the implementation.”
Borrell’s Proposal to Circumvent Hungary “breaks European rules,” Hungary's Foreign Minister Peter Szijjarto said in a Social Media Post ahead of the Meeting.
Hungary, the EU’s most Pro-Russia Nation, has Blocked some €6.5 billion of urgently needed Military Aid for Kyiv, as Ukraine’s Military seeks to fend off Russian Assaults.
That’s after Orban dropped His Veto in February, over a broader €50 billion Financial Aid Package for Ukraine.
The Profits from frozen Russian Assets, would be used directly for Weapons Purchases for Ukraine, rather than to Reimburse Member States that provide such Aid for Kyiv.
About $280 billion in Assets have been Immobilized by the Group of Seven Nations, since Russia’s 2022 Invasion of Ukraine, with more than Two-Thirds of those held in the EU. The vast Majority of the Funds has been held through the Belgium-based Settlement Giant Euroclear.
The €1.4 billion-euro tranche, due to be sent in the coming weeks, is part of more than €2.5 billion euros earmarked for Ukraine from such Funds for this year.
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