World

EU Finds Legal Loophole to Bypass Hungary's Veto on Arms Purchase for Ukraine - Report

MOSCOW (Sputnik) - The European Union has spotted a legal loophole enabling it bypass Hungary's veto on the bloc's purchase of weapons for Kiev using profits from frozen Russian assets, The Financial Times reported on Monday, citing EU foreign policy chief Josep Borrell and people familiar with the matter.
Sputnik
The legal solution found by the EU is also likely to be enough to secure a $50 billion loan to Kiev from the G7 countries, the report said.
However, Hungary will still be able to block EU sanctions against Russian assets, which must be renewed unanimously by EU member states every six months.
At the same time, Borrell told the newspaper that Brussels had offered Hungary an agreement, which would let the country not to participate in initiatives to support Kiev in exchange for not vetoing such EU proposals, but Hungary refused.
He added that the loophole was "sophisticated as every legal decision, but it flies."
On May 21, the Council of the EU officially approved a decision that would allow the use of income from frozen Russian assets to provide military assistance to Ukraine.
World
EU May Sabotage Hungarian Economy if Budapest Does Not Lift Its Veto on Aid to Ukraine - Reports
After the start of Russia's military operation in Ukraine in 2022, the EU and the G7 froze almost half of Russian foreign currency reserves worth about 300 billion euros ($325 billion). Moscow has maintained that any attempts to confiscate Russian assets amount to theft and a violation of international law.
Discuss