The historic decision to provide Ukraine a $50 billion loan based on the profits of Russian assets frozen in the country has been delayed after the Hungarian Finance minister Mihaly Varga announced that he would not allow necessary changes to be made to the European Union sanctions regime. This was announced on October 8.
During the G7 summit in Italy in June, G7 leaders confirmed publicly a deal to provide Ukraine with $50 billion in loan by the year’s end. The loan will be repaid through interest on billions of frozen Russian assets.
The money for the loan will come not from the confiscation, but rather the profits that have been generated over time.
According to EU officials Washington demands that the EU change its rules for renewing the sanctions against Russia every three years instead of every six months as a condition for contributing about $20 billion to G7 loan. This would halve the EU’s contribution.
The remaining $10 billion will come from G7 members Canada and Japan.
“We believe this issue, the extension of the Russian sanctions should be decided after U.S. election.” The minister said that we have to see which direction the U.S. future administration will take with this issue.
The U.S. presidential election in 2024 is scheduled to take place on Nov. 5.
Varga explained Hungary’s position by saying that Donald Trump and Kamalah Harris have different views about how to support Ukraine going forward, and that Europeans need to wait until the results of the elections to see what Washington will do.
The West has frozen $300 billion of Russian assets. However, it can only access the income generated annually by these funds – approximately $3.2 billion. The majority of assets are frozen by European countries.
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“We believe this issue, the extension of the Russian sanctions should be decided after U.S. election.” We need to see what direction the new U.S. administration takes on this issue,” said Mihaly Varga, Hungarian Finance minister.
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