Hungary is emerging as the biggest hurdle in the EU’s attempt to set up a long-term fund of up to €20 billion to keep Ukraine’s military stocked, Report informs, citing Politico.
The plan, first reported by POLITICO earlier this week, was on the agenda for the first time Thursday as foreign ministers met in Brussels. The proposal would set aside at least €5 billion a year for the next four years to help cover the costs of EU countries buying and donating weapons to Ukraine and training Ukraine’s forces.
But during the meeting, Hungary — which has argued Ukraine should stop fighting — said it would object to the fund until Ukraine removes a controversial Hungarian bank, OTP, from its “war sponsors” list.
Until then, Hungarian Foreign Minister Péter Szijjártó said his country will not authorize more money for the EU’s so-called European Peace Facility — the ironically named fund Brussels has been using to subsidize weapons shipments to Ukraine.
“We cannot negotiate about new financial EPF commitments before the OTP is solved,” Szijjártó said Thursday.