Ambassador to EU names 3 alternatives if Hungary blocks €50bn for Ukraine

Ukraine's Ambassador to the European Union Vsevolod Chentsov believes that Brussels will be able to agree on financial assistance to Kyiv even if Hungary blocks a four-year, 50 billion euro program.

Source: Chentov this in an interview with Forbes Ukraine, European Pravda reports

Details: Chentsov explained that there are "alternative options" for providing Ukraine with financial support in the event of a block of the Ukraine Facility.

"Option A is proposed to create a fund for Ukraine, which will operate for four years within the EU budget. Option B is an off-budget fund to which EU member states can make contributions. The European Commission can also borrow aid under its guarantee; macro-financial assistance is periodic borrowing from the European Commission under guarantees," he added.

The Ukrainian diplomat pointed out that option A is preferred because it is "cheaper and more convenient", so he considers this option the most likely in the event of a Budapest veto.

"Hungary is aware of other options. Any country cannot play with vetoes all the time. Hungary and other member states have national interests. They are forced to work with other states to remain a normal country that can not only block but also work constructively in the EU," Chentsov said.

Background: Recently, the permanent representatives of the EU member states reached a partial agreement on a decision that should unlock the allocation of €50 billion to Ukraine over the next four years.

Hungary had previously stated that it might lift its veto on this aid package, provided that the funding is reviewed annually. According to media reports, the European Commission is ready to accept some of Budapest's demands.

Support UP or become our patron!