Hungary Opposes EU Plan to Use Russian Asset Profits for Ukraine Aid

Written by Camilla Jessen

Mar.21 - 2024 12:07 PM CET

Photo: Alexandros Michailidis / Shutterstock.com
Photo: Alexandros Michailidis / Shutterstock.com
Hungary will oppose the EC's proposal to provide Ukraine with profits from the frozen assets of the Russian Federation.

Trending Now

The European Commission's suggestion to use profits from frozen Russian assets to aid Ukraine faces a roadblock, unlikely to get the nod during the EU leaders' summit starting on March 21 in Brussels, mainly due to Hungary's stance.

DW reports this development, citing a high-ranking European diplomat's insights.

"The European Commission's proposal to confiscate profits from frozen Russian assets in support of Ukraine is unlikely to be approved at the summit of EU leaders, which will begin on Thursday, March 21, in Brussels," the source revealed to DW.

According to the diplomat, there is a common consensus among the majority of EU member states that the seized funds should be used for the purchase of weapons and ammunition for the Armed Forces of Ukraine.

"Now Ukraine needs more money for weapons, and, unfortunately, not for reconstruction. And we strive to do everything to avoid further destruction in Ukraine," he stated.

According to the European Commission's plan, 90% of the profits from the frozen Russian assets are earmarked for military procurement for Ukraine.

Nevertheless, DW's informant disclosed Hungary's opposition to this plan, with its government advocating that the funds be used for purposes other than arming Ukraine.

Most Read