Orbán cabinet will continue to block EUR 45 billion loan scheme for Ukraine until the US elections
A lot depends on who will win the election in the United States this November. PM Viktor Orbán and his government attached Hungary’s fate to Trump’s victory, which is strange in our history. If Trump wins, Orbán will triumph not only in Hungary but also in Europe. And it seems the Orbán cabinet will practically boycott a huge EU loan for Ukraine until the election results arrive.
Hungary regularly votes against EU decisions
According to Euronews, Hungary confirmed that it would not decide about the basis of a EUR 45 billion loan for Ukraine until the 5 November presidential elections in the United States. The loan would be covered by the unexpected profit of the Russian central bank’s frozen assets, so the loan’s basis is not the European taxpayers’ money. That basis would be completed with US, Japanese, and Canadian financial sources to reach EUR 45 billion.
The United States is concerned about the ambitious plan’s long-term sustainability. That is because all EU member states must renew the anti-Russia sanctions every six months. If a member state vetoes or liberates that financial background, the entire project freezes.
The weakest link is Hungary in that regard. The Orbán cabinet regularly uses its veto right in the European Council. For example, they exempted Patriarch Kirill, one of the strongest religious supporters of Putin’s war in Ukraine, from sanctions. Euronews writes that Hungary uses its veto to favour the Orbán cabinet’s and even Putin’s interests.
Pjhoto: FB/Orbán
Hungary gave the green light for the loan scheme this week
To dispel the doubts of Washington, Brussels proposed to increase the anti-Putin sanctions’ renewal time from 6 months to 36 months, so the program’s stability could be granted.
All EU member states were in a rush to accept the loan scheme as soon as possible. The efforts were successful. As we wrote in THIS article, on Wednesday, the Council of Europe agreed on the financial aid package for Ukraine. Since Hungary is the President of the EU, currently, the agreement was reached under Hungary’s leadership.
The announcement of the decision. Photo: MTI/Bodnár Boglárka
No decision about the prolongation of the sanctions until 5 November
However, the big question was not the acceptance of Ukraine’s theoretic help, but to solidify the financial leg of it. And in that regard, no steps have been taken forward yet.
Euronews said the Orbán cabinet would decide about the prolongation of the sanctions only after the American presidential election. The acceptance of the loan scheme needed only a qualified majority in the Council of Europe. However, the loan’s fundament is the frozen assets of the Russian central bank. Those financial assets can only remain frozen if Hungary votes for them because the decision needs unanimity.
The Hungarian government still believes that decision can wait until 5 November, Mihály Varga, Hungary’s finance minister, made it clear this week in Luxembourg. Without deciding on the sanctions, the money support programme for Ukraine cannot start.
Photo: FB/Orbán
Varga believes the two presidential candidates represent two opposing scenarios concerning the war in Ukraine. Trump would seek peace while Kamala Harris would continue to support Ukraine’s war efforts.
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6 Comments
TESTCOMMENT
The Real Person!
The Real Person!
The European Traitors party.
The Real Person!
The Real Person!
Good. Enough with the blank checks to Ukraine for hundreds of billions, without any accountability, for an endless war. We’d never see this “loan” returned anyway.
Sit down, agree a deal, and end this. Russia offered it many times but the West keeps rejecting it. Whose interest is this never-ending war in?
The Real Person!
The Real Person!
The celebratory bottles of champagne, from the Victor Mihaly. Orban – his “Big Mouth” – remembering his PLACEMENT, his party’s placement, of 3.1 million Hungarians living in POVERTY, when, the “infamous” 45th former President of the United States of America – Donald J. Trump is DEFEATED in the November Presidential elections – what’s going to happen to the “crates” of Champagne, purchased NO doubt by Fidesz from the taxes paid of Hungarian citizens ?
Throughout the HEAT of the Hungarian Summer, just Budapest alone, do we EVER witness a “freebie” from local councils or this present “Heinous” Government, of bottles of water being offered – given out ?
Victor Mihaly. Orban – another act of the MOCKERY contained in his character, the lack of empathy, sensitivity, the CORE of his “Heinous” Fidesz Government – there practice of us first – then citizens – the tax payers the “left overs” – then in his LAUGABLE comment(s) – the “popping” of the Champagne bottles – REVOLVING and that’s FACT.
Drink water I say to this “current” pressurized Prime Minister of Hungary – Victor Mihaly. Orban – it’s BETTER in assisting your NEED to Humongously Weight Reduce.
The Real Person!
The Real Person!
The celebratory bottles of champagne, from the Victor Mihaly. Orban – his “Big Mouth” – remembering his PLACEMENT, his party’s placement, of 3.1 million Hungarians living in POVERTY, when, the “infamous” 45th former President of the United States of America – Donald J. Trump is DEFEATED in the November Presidential elections – what’s going to happen to the “crates” of Champagne, purchased NO doubt by Fidesz from the taxes paid of Hungarian citizens ?
Throughout the HEAT of the Hungarian Summer, just Budapest alone, do we EVER witness a “freebie” from local councils or this present “Heinous” Government, of bottles of water being offered – given out ?
Victor Mihaly. Orban – another act of the MOCKERY contained in his character, the lack of empathy, sensitivity, the CORE of his “Heinous” Fidesz Government – there practice of us first – then citizens – the tax payers the “left overs” – then in his LAUGABLE comment(s) – the “popping” of the Champagne bottles – REVOLVING and that’s FACT.
Drink water I say to this “current” pressurized Prime Minister of Hungary – Victor Mihaly. Orban – it’s BETTER in assisting your NEED to Humongously Weight Reduce.
The Real Person!
The Real Person!
3.1 million Hungarians do not live in poverty. P.M. Orban is doing the right thing. The EU is not talking about 45 billion, the true cost to you anti-Hungarians is 45 billion + accumulated interest, it may be 60 billion by the time the money is paid back. Hungarians will not be the ones benefit.
If European standard of living is sharply dropping now, the enormous debt will not help. Guys do some math. Part of that debt would fall on Hungary, a country that did not support the destruction of Ukraine in spite of Ukraine being an enemy nation.
P.M. Orban’s actions will probably give time for former President Trump to solve the problem after he is elected. I cannot believe that all other EU nations want to support the 45 billion donations but are too scared to voice the wishes of their people.