EU scrambles for emergency Ukraine aid amid Hungarian blockage

As Hungarian Prime Minister Viktor Orbán threatens to block EUR 50 billion in European Union funds for Ukraine, EU diplomats are urgently discussing alternative emergency funding methods outside the joint budget, according to a report by the Financial Times.

Viktor Orbán.

Photo: PAP/AA/ABACA

Such a move is crucial to maintain Ukraine's financial stability, which faces serious risks due to a potential funding deadlock.

While the European Commission seeks ways to bypass Hungary's opposition, including the release of funds currently frozen over rule-of-law concerns, informal talks among EU nations are exploring potential interim financial solutions for Kyiv, the Financial Times reported on Tuesday.

EU officials are discussing the technical details of an emergency Ukraine funding package outside the bloc’s shared budget, as Hungary vows not to bow to Brussels pressure to drop its veto on a Kyiv support package https://t.co/eXDny3mXK3 @FT w @mdunai

— Henry Foy (@HenryJFoy) December 12, 2023

However, with Hungary steadfast in its position, the situation remains precarious, putting Ukraine's future financial predictability at risk and potentially marking a significant failure for the EU.

(jh/gs)

Source: PAP, Financial Times