EU considers plan to help Ukraine bypassing Hungary's veto – Bloomberg

EU countries are considering an alternative financing plan for Ukraine in case Hungary vetoes the current proposal of EUR50 billion. Source: Bloombeg citing sources, as reported by European Pravda Details: The agency notes that the proposal will include national guarantees of member countries to attract financing in the markets if Budapest blocks the revision of the long-term EU budget, which includes a package of assistance to Ukraine, whose adoption requires unanimity.

According to the interlocutors of the agency, some countries are in favour of finding an alternative solution to finance Ukraine as soon as possible in order to increase pressure on Hungarian Prime Minister Viktor Orban.

Concerns about a possible Hungarian veto and thoughts on how to circumvent it emerged after Budapest called for a comprehensive discussion on the effectiveness and sustainability of the existing EU strategy towards Ukraine. The European Commission proposed to increase the joint EU budget by EUR66 billion to cover the increased costs. Some of them will go to the programme of financial support to Kyiv in the amount of EUR50 billion, provided for the next four years.

The European Commission had hoped for a budget deal by the end of the year. However differences in positions on its overall revision undermined efforts to make a timely decision. Last month, the Financial Times reported that the European Commission is preparing to allocate billions of euros to Hungary from EU funds, which are currently frozen due to problems with the rule of law in the country, to ensure Budapest's support in increasing the EU budget and providing significant financial assistance to Ukraine.

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