EU mulling plan to give Ukraine EUR 50B bypassing potential Hungary veto - media

EU member states are considering an alternative plan to give Ukraine the assistance it needs in its fight against Russia if Hungary vetoes the current EUR 50 billion funding proposal that is on the table.

This is reported by Bloomberg with reference to informed sources, Ukrinform saw.

According to sources, the proposal would include national guarantees from EU member states to raise funding in the markets if Budapest blocks the review of the EU's long-term budget, which includes an aid package for Ukraine and requires unanimity.

As the publication notes, Kremlin-friendly Hungarian Prime Minister Viktor Orbán is counting on the quick allocation of at least part of the more than $30 billion from the EU for his country, which the bloc froze last year due to fears of the nation’s retreat from democracy.

Fears about Hungary's possible veto and discussions about how to circumvent it come as Budapest calls for a comprehensive debate on the effectiveness and sustainability of the EU's existing Ukraine strategy, which it says is failing to yield results, sources say.

Some EU countries are in favor of finding an alternative financing solution for Ukraine as soon as possible to increase pressure on Orbán, the sources said.

However, Spain, which presides over the EU on a rotating basis, as well as the European Commission, is in favor of concluding an agreement within the framework of the long-term budget, Bloomberg’s interlocutors added.

As Ukrinform reported earlier, the head of the Ministry of Foreign Affairs, Dmytro Kuleba, stated that Ukraine's membership in the European Union would be in line with ungary’s strategic interests of Hungary, but tactically, Budapest is trying to squeeze the most out of the accession negotiation process.