Espreso. Global

Hungary responds to Ukraine's decision on OTP Bank

1 October, 2023 Sunday
15:40

Hungary's Foreign Ministry reacted to Ukraine's move to unblock 500 million euros from the EU military fund by suspending OTP Bank's status as an international war sponsor

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Bloomberg reported the information.

Hungary stated that Ukraine's temporary exclusion of OTP Bank from the list of "international war sponsors" won't significantly alter the situation.

This decision came after negotiations between representatives from both countries about ending cooperation with Russia.

The National Agency on Corruption Prevention (NACP) hopes Hungary's action will lead to the release of EUR 500 million in crucial EU military aid.

Hungary's Foreign Ministry emphasized that this doesn't constitute a "substantial change," and they won't support further EU financing of arms supplies to Ukraine until OTP Bank, Hungary's largest creditor, is permanently removed from the list.

  • On May 4, Ukraine's  National Agency on Corruption Prevention included OTP Bank as an international sponsor of the war due to its activities in Russia and de facto recognition of the self-proclaimed "L/DPR."

  • On May 12, Hungary's Foreign Minister indicated that Ukraine's move would hinder Budapest's ability to agree with the EU on new sanctions against Russia.

  • Subsequently, negotiations between Ukraine and Hungary began after OTP Bank was added to the list of international war sponsors.

  • On September 29, the NACP suspended OTP Bank's status and that of 5 Greek transport companies in the list of international war sponsors, based on negotiation results.

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