Officials in Brussels have allegedly crafted a clandestine plan to undermine Hungary's economy if Prime Minister Viktor Orbán persists in blocking a €50 billion support package for Ukraine this week. The reported strategy, outlined by the Financial Times, signifies growing frustration across European capitals with what diplomats deem Orbán's "policy of blackmail." As Hungary holds the European Union's most pro-Russia stance, the plan involves targeting Hungary's economy to weaken its currency and diminish investor confidence.
Orbán previously obstructed the €50 billion aid for Ukraine in December, prompting an emergency leaders' meeting scheduled for Thursday to revisit the issue. The secret document, according to the FT, proposes that if no agreement is reached in the summit on February 1, other EU leaders would publicly declare their reluctance to provide funds to Budapest due to the "unconstructive behavior" of the Hungarian PM.
Hungary's economy heavily relies on the single market, with approximately 78% of its exports going to neighboring countries within the EU. The European Commission has already frozen €20 billion of funds over concerns related to LGBTQ+ rights and other issues, attempting to leverage funds to align Hungary with EU policies and rule-of-law requirements.
János Bóka, Hungary’s EU minister, dismissed any connection between Ukraine and general access to EU funds, stating that Hungary does not succumb to pressure and will continue to participate constructively in negotiations. He commented on a document drafted by Brussels, stating that it confirms Hungary's long-standing claim that access to EU funds is used for political blackmailing.
Concerns about Hungary's actions have led some member states to consider triggering Article 7 of the EU treaty, potentially stripping Hungary of its voting rights if Orbán persists in blocking EU decisions. European Council President Charles Michel postponed his plans to step down amid fears that Orbán could assume leadership at summits until a new leader is appointed.