Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

EU Boosts Military Aid Fund for Ukraine by €5 Billion

Mon 18 Mar 2024 | 10:09 PM
Israa Farhan

During a session of the EU Foreign Affairs Council in Brussels, Hungarian Foreign Minister Peter Szijjarto revealed that the European Union has resolved to augment funding for the European Peace Facility by €5 billion to extend military assistance to Ukraine.

However, Hungary will not participate in this initiative, as confirmed by Szijjarto during a recess in the council meeting.

Szijjarto underscored the contentious atmosphere of the meeting, noting that the decision was made to increase the European Peace Facility by €5 billion.

This allocation is designated for financing weapons supplies from EU countries to Ukraine. Despite the decision, Hungary opted to abstain and will bear neither political nor financial obligations concerning the support fund, Szijjarto emphasized.

He clarified that Hungary will be required to contribute €50 million but will retain autonomy in deciding how to allocate these funds.

Szijjarto outlined that Hungary's contribution may be directed towards enhancing stability and security in the Western Balkans.

Back in early February, Hungary expressed its willingness not to obstruct the increase in funding for the European Peace Facility but remained steadfast in its stance against allocating funds for weapons supplies to Ukraine.

Szijjarto previously emphasized that weapons supplies are a redline for Budapest.

Established in 2021 to finance the EU's defense and security endeavors, including peacekeeping operations, the European Peace Facility has evolved to offset member states' expenditures on weapons supplies to Ukraine following the eruption of conflict in the region.