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BBG-Hungary To Drop Objections To EU's EUR5bn Military Assistance Fund

UKRAINE

Bloomberg is reportingthat Hungary is set to drop its objections to the creation of an EUR5bn military assistance fund for Ukraine, but that there is still no agreement on the larger multi-year EUR50bn package of support intended to come from the mutliannual financial framework. BBG: "Setting up the new facility has gained urgency as the EU is falling short of a pledge to provide Ukraine with one million artillery shells by March and critical US funding remains blocked in Congress. Russia, meanwhile, is outproducing the West and has received about one million shells from North Korea."

  • BBG: "The proposed assistance fund would fix reimbursement rates and shift from using existing stocks of weapons to sourcing new ones through joint procurement contracts. "
  • As we have noted previously (see 0951GMT bullet), Hungary is coming under increasing pressure to approve aid and support packages to Kyiv as well as ratifying Sweden's NATO bid. The EU remains in a difficult position on the subject, given that Budapest is demanding the release of frozen EU funds in exchange for altering its stances. However, the European Parliament has sought to avoid such a 'transaction', arguing that rule of law issues in Hungary must be resolved.

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