A Ukrainian diplomat names three options for bypassing Hungary’s veto on €50B in aid.

At the EU summit on February 1, Hungary can again veto the provision of €50B to Ukraine for 2024-2027 under the Ukraine Facility program. Approval of this program is Plan A.

But there are at least two options for providing financial aid without Hungary’s consent, Ukrainian Ambassador to the EU Vsevolod Chentsov said.

Option B envisages an extra-budgetary fund to which EU member states can contribute. Yet another alternative, Plan C, is that the EC borrows aid under its guarantee. Macro-financial assistance is also possible, i.e., periodic borrowings from the EC under guarantees.

As Chentsov explained, the first option is cheaper and more convenient, so it is preferred.

“Hungary understands that there are alternatives for bypassing its veto. No country will be able to play with the veto all the time. I think that Pption A will be adopted,” the ambassador believes.

He suggests the final decision may include safeguards or provisions for periodic review of indicators.

“In the future, the amount of borrowing will depend on the needs of our state.”