Revealed: how Orbán blocked €90bn mortgage for Ukraine

Hungary has blocked a €90 billion EU mortgage for Ukraine by refusing to vote in favour of one of many three items of laws accredited by the European Parliament which might be required to launch the funds – the regulation on amendments to the EU's long-term price range for 2021-2027.

Supply: knowledgeable EU sources who requested anonymity, as reported by European Pravda

Particulars: Hungary refused to vote for the amendments to the EU's 2021-2027 Multiannual Monetary Framework, thereby halting the method of offering Ukraine with €90 billion in EU funding.

To grant the €90 billion mortgage for 2026-2027, three EU laws should be adopted: one on implementing enhanced cooperation to determine the Ukraine help mortgage for 2026 and 2027; one amending the Ukraine Facility; and one amending the 2021-2027 Multiannual Monetary Framework.

All three have already been accredited by the European Parliament and are on the remaining stage of adoption: the Council of the EU.

The plan had been for the paperwork to be adopted by the Council and signed within the European Parliament on 24 February, marking the anniversary of Russia's full-scale invasion of Ukraine.

The primary two laws might be adopted by a certified majority of EU member states, however an modification to the EU's long-term price range requires unanimous approval.

It was this price range modification that Hungary blocked on Friday 20 February.

The opposite two paperwork have been accredited on the degree of the Committee of Everlasting Representatives (Coreper) and are able to be finalised and signed on Tuesday 24 February.

Background:

• Hungary has acknowledged that it’s blocking the €90 billion mortgage for Ukraine till Kyiv restores the transit of Russian oil to Europe through the Druzhba pipeline.
• The European Council agreed to offer Ukraine with a €90 billion mortgage for 2026-2027, primarily based on EU borrowing on capital markets and backed by EU price range reserves. Nonetheless, Hungary, Slovakia and Czechia have refused to participate within the scheme.

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