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Hungary is ready to support Ukraine but will not sanction further loans taken out jointly by European Union member states, Finance Minister Mihály Varga said in Brussels on Tuesday after a meeting with his EU counterparts.

Varga told Hungarian journalists on the sidelines of the meeting that Hungary will not support that form of aid “because it has bad experiences with the EU taking out loans.” Hungary has yet to receive the funding it is entitled to from the loan taken out during the coronavirus pandemic, he said. The European Commission has proposed a 1.5 billion euro monthly aid package for Ukraine in 2023, to fund the country’s financing costs. The EC is now asking member states for a mandate to take out a loan to cover that package, he said. It is also proposing that member states foot the bill for the interests, which will come to some 630 million euros, he added. Meanwhile, Hungary is ready to continue supporting Ukraine; it has so far accepted over one million refugees and spent over 31 billion forints (EUR 77.2m) aiding the worn-torn country, Varga added. It also supported Ukraine before the war, by accepting the macro-financial support and aiding ethnic Hungarians living in the country, the minister said.