EU wants Hungary's economy to weaken over refusal to aid Ukraine

According to TASS news agency, the Financial Times on January 28 cited an internal document of the European Union (EU) saying that the EU is developing a plan to weaken the Hungarian economy if Budapest refuses a new aid package for Ukraine.

According to the Financial Times, Brussels will devalue the Hungarian forint and reduce Budapest's attractiveness as a source of investment, in order to harm "jobs and growth" in the Hungarian economy. The Financial Times notes that if Hungarian Prime Minister Viktor Orban does not back down, EU leaders could publicly halt funding to Budapest altogether in an attempt to "scare the markets."

Hungary's EU affairs minister, Janos Boka, told the Financial Times that Budapest was unaware of such threats. Mr Boka insisted that Hungary "will not succumb to pressure".

"Hungary does not draw a link between support for Ukraine and access to EU funds, and therefore opposes other countries making such a link. Hungary will continue to engage in constructive negotiations," said Minister Boka.

For its part, the EU Council representative said it would not comment on the information leaked in the media. At the same time, sources in the EU diplomatic circle of the Financial Times emphasized that "many countries" support this EU plan. However, there are also opposing opinions and saying that such a plan is "blackmail".

At the EU summit in Brussels on December 14-15, 2023, Prime Minister Orban blocked amendments to the EU budget for 2024-2027, which included the allocation of 50 billion euros to Ukraine. This issue will be discussed again by EU leaders at the Brussels summit on February 1.