Ukraine will receive EUR 20 billion from EU, bypassing Orban – FT

The European Union is preparing a backup plan to provide Ukraine with EUR 20 billion, bypassing the objections of Hungarian Prime Minister Viktor Orbán, the Financial Times reports.

According to the publication, the proposed mechanism can be used in case of failure to overcome Orbán's veto at the planned summit on February 1.

"This scheme will provide guarantees from EU member states to the European budget, which will allow the European Commission to raise to EUR 20 billion in the capital markets to support Ukraine. Specific terms and the final amount will be determined according to Ukraine's needs," the FT reports.

The Financial Times emphasizes that this does not require guarantees from all 27 EU member states. It is enough for the main participants to include countries with the highest credit ratings.

"This would allow the EU to bypass Hungary's veto," the FT points out.

As the Ukrainian News agency earlier reported, a high-ranking European official, speaking on condition of anonymity, commenting on Hungary's blocking of important decisions regarding the start of negotiations on Ukraine's membership and the allocation of EUR 50 billion of aid to it, said that EU member states are "fed up" with the behavior of the Hungarian authorities.

Meanwhile, the EU is confident that Ukraine will receive EUR 50 billion despite Hungary's veto.