EU to impose sanctions on Hungary if it fails to support aid to Ukraine
The European Union has reportedly devised a plan for economic sanctions against Hungary as a means of pressuring the country to lift its veto on aid to Ukraine, the Financial Times has reported.
The proposed plan includes a threat to withhold funding from other EU member states if Hungary does not alter its stance on Ukraine aid by the time of the upcoming EU summit on Feb. 1.
Among other things, such a move could undermine investor confidence in Hungary, potentially triggering economic consequences like job cuts and slowing growth.
Under EU pressure, Hungary has shown increasing willingness to reach a compromise regarding aid to Ukraine, while retaining its annual veto right on payments.
The economic pressure imposed by the EU puts Hungary's economy at risk, as it already faces challenges, including high state deficits and other structural issues.
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