Hungary to Challenge EU's Allocation of 1.4 Billion Euros in Frozen Russian Assets for Ukraine Military Aid

Hungarian Foreign Minister Péter Szijjártó announced that Budapest plans to challenge EU’s decision to allocate 1.4 billion euros from frozen Russian assets for military support to Ukraine.

He made these statements during a press conference in Luxembourg on June 24, as reported by HVG.hu.

Szijjártó stated that the EU is “crossing a red line” by using 1.4 billion euros from these assets to finance weapon supplies to Ukraine despite Hungary’s opposition.

He lamented that “war enthusiasm blinded those making decisions” within the EU and cautioned that Hungary is exploring “legal avenues” to contest the decision.

Szijjártó emphasized that this move poses long-term risks to the European Union’s functioning.

It’s been reported on June 24 that EU countries approved the initial tranche of up to 1.4 billion euros from revenues of frozen Russian assets in military aid to Ukraine.

EU’s chief diplomat Josep Borrell clarified that Hungary, having abstained from an earlier agreement on using funds from frozen Russian assets for weapons procurement, should not be involved in decisions regarding their utilization.

Borrell emphasized that the approach involved legal considerations. However, officials warn that Hungary still holds the power to veto EU sanctions which maintain frozen Russian assets.