The EU has devised a legal workaround to sidestep Hungary’s veto on buying weapons for Ukraine with the profits generated by Russia’s frozen assets this year, in a move that could also clear the way for the G7 to pay $50bn to Kyiv.
EU chief diplomat Josep Borrell told the Financial Times that since Hungary abstained from an earlier agreement to set aside the proceeds from Russia’s frozen assets, it “should not be part of the decision to use this money”. He added that the workaround was “sophisticated as every legal decision, but it flies”.
Bypassing Budapest this way could also remove a hurdle that could complicate G7 efforts to raise a $50bn loan for Kyiv by December — designed to be paid off by the future proceeds — a decision taken by leaders at a summit in Italy earlier this month.