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Bloomberg: Hungary wants to cut EU funding to Ukraine in half

by Abbey Fenbert October 4, 2023 3:20 AM 2 min read
The colors of the Hungarian flag are illuminated on the Parliament Building in Budapest to mark Hungary's National Day on August 20, 2023. (Photo by Serhat Cagdas/Anadolu Agency via Getty Images)
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Hungary proposed cutting a €50 billion European Union funding package for Ukraine down to €25 billion, Bloomberg reported on Oct. 3.

Hungary said that payment of the additional €25 billion could be reevaluated halfway through the 2024-2027 disbursement cycle, sources close to the matter told Bloomberg.

The proposal adds weight to fears that international support for Ukraine could be waning following U.S. lawmakers' decision to remove aid for Ukraine from a government spending bill passed on Sept. 30.

This is not the first time Hungary has sought to block aid to Ukraine following Russia's full-scale invasion. The EU requires unanimous agreement from all 27 member nations before releasing funds, and Hungary has repeatedly obstructed funds while opposing sanctions.

Hungarian Prime Minister Viktor Orban has also accused Ukraine of violating the rights of ethnic Hungarian minorities, a claim used to justify Budapest's limited support.

On Sept. 29, Kyiv removed the Hungarian OTP Bank from its list of international sponsors of war in order to free up €500 million in EU military aid. Hungary has demanded this concession since May 2023, withholding sanctions and aid as leverage.

Bloomberg's sources said the political differences may mean the EU does not reach an agreement on the Ukraine package by the end of the year.

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