Official announcements from the EU or Ukrainian government

EU Bypasses Hungary Veto to Fund Ukraine with €1.4 Billion from Frozen Russian Assets

Jun 24, 2024, 08:16 AM

The European Union has developed a legal workaround to bypass Hungary's veto on using profits from frozen Russian assets to support Ukraine. EU foreign policy chief Josep Borrell announced that the first tranche of €1.4 billion will be disbursed to Ukraine through Germany, Denmark, and the Czech Republic. This decision follows Hungary's abstention from an earlier agreement to allocate these funds for military assistance to Ukraine. Borrell emphasized the urgency of the decision, which will be discussed at an EU meeting today. The total aid package could amount to €2.5 billion, with the second tranche expected to be disbursed in the coming months. The workaround potentially clears the way for the G7 to fund a $50bn loan. Hungary is examining legal options to challenge this decision.