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Hungary is blocking the next tranche of EU extra-budget support for Ukraine

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Hungary again did not support the disbursement of the next tranche of the European Peace Facility to Member States in the amount of around €500 million. The authorities in Budapest explain that the reason for their decision is the blacklisting of the Hungarian OTP bank by the Ukrainians.

“We are ready to change our minds if the Ukrainians stop with the absurd, false position that OTP, Hungary’s largest bank, is on the list of international sponsors of the war,” Hungary’s foreign minister said on Monday. Peter Szijjarto quoted by Reuters.

Hungary already blocked the payment of this tranche to the Member States in May, citing the same problem.

SEE ALSO: Attack on Ukraine. Live coverage in tvn24.pl

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European Peace Facility

Created in 2021, the European Peace Facility is an off-budget instrument aimed at enhancing the EU’s ability to prevent conflicts, build peace and strengthen international security. It enables e.g. financing activities aimed at strengthening the capabilities of non-EU countries and regional and international organizations in relation to military and defense matters.

At the beginning of May this year, the Hungarian OTP bank was added to the list international sponsors of the war by the Ukrainian National Agency for the Prevention of Corruption (NAZK). This is how the Ukrainians responded to the continued operation of this bank in Russia.

“OTP is one of the 50 largest banks in Russia and is among the market leaders in many areas. It serves over 2.2 million customers and is represented in over 1,850 cities of the terrorist state, which underlines its importance for the Russian economy, which is struggling with Western sanctions and tries to circumvent them,” the NAZK statement said at the time.

Main photo source: Shutterstock

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