The European Union has created a legal framework that allows it to bypass the veto of Hungary regarding the allocation of proceeds from frozen Russian assets to Ukraine, EU foreign policy chief Josep Borrell told the Financial Times
The proposed legal solution, which is expected to be discussed by member states' foreign ministers later today, will play an important role for the G7 in facilitating a $50 billion loan by the end of the year.
Borrell revealed that Brussels has presented Hungary with an agreement similar to the one NATO recently negotiated with Prime Minister Viktor Orbán. However, he pointed out that Budapest rejected the deal.
"We have offered Hungary this: your money will not be used to support Ukraine in any way. Not only lethally, but for anything. Take your money. Take your money out of the box. We don't want to use your money," Borrell pointed out.
He said that a proposal on how to avoid blocking by any member state the use of proceeds from frozen Russian financial funds to support Ukraine will be presented at today's meeting in Luxembourg.
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