Brussels is reportedly considering sending an additional €100 billion to Ukraine
The EU is placing Ukraine’s military needs above the priorities of the bloc’s member states, Hungarian government adviser Balazs Orban has said. He accused EU leaders of always finding money for “war” but not other causes.
Leaders of EU nations are considering the creation of a new €100 billion ($117 billion) fund under the bloc’s upcoming seven-year budget to cover expenses for the Ukrainian government, Bloomberg reported this week, citing people familiar with the discussions. Budapest, however, has been a vocal critic of the bloc’s approach to the Russia-Ukraine conflict since its onset.
”Europe has run out of money – except when it comes to war. There is always 100 billion euros for that,” Orban wrote on Wednesday on social media. He warned that such an allocation of funds would likely lead to further proposals to spend EU taxpayers’ money on Ukraine.
Orban pointed to Kiev’s estimate that it would require $1 trillion over 14 years for reconstruction and modernization, a figure shared by Prime Minister Denis Shmigal during a donors conference in Rome this week.
”While Europe cannot climb out of its own economic, social and security crisis, Brussels would continue to finance the war – weapons instead of peace, new debt instead of a competitive Europe,” Orban said.
Last week, Bloomberg reported that US investment firm BlackRock had abandoned efforts to attract private investors for a Ukraine reconstruction program. The fund was expected to be launched at the Rome conference, but potential participants reportedly expressed “a lack of interest amid increased uncertainty” over the country’s future.
Ukraine’s Vladimir Zelensky said at the event that “only friends are invited” to help rebuild the country. He reiterated his call to confiscate Russian state assets frozen by Western nations and transfer them to Kiev.
Moscow has warned that such actions would constitute international theft. EU members have voiced concern that expropriating Russian assets could significantly erode global confidence in their financial systems. As an alternative, Ukraine’s backers have been imposing a “windfall tax” on profits from the immobilized Russian funds and channeling the money to Kiev – an approach Moscow has described as another form of criminality.
Hungary has accused the EU leadership of inflicting major economic harm on member states through sanctions on Russia, and of wasting resources on a war effort that it argues cannot deliver a military victory over Moscow.
