All 27 EU leaders have successfully reached an agreement on a €50 billion aid package for Ukraine, overcoming previous objections from Hungary. The deal, aimed at bolstering Ukraine’s economic and financial stability over the next four years, was met with approval from Ukrainian President Volodymyr Zelensky, who anticipates the first tranche of funds in March.
Hungary’s Prime Minister, Viktor Orban, a close ally of Russian President Vladimir Putin, had previously blocked the aid deal during a European summit in December. Speculations were rife that Orban might repeat his actions, but the announcement came less than two hours into the summit, surprising many observers.
The aid package is set to cover essential expenses such as pensions, salaries, and other costs, providing critical support for Ukraine. Notably, the decision comes at a time when the United States’ military aid for Ukraine, the largest provider of such support, is currently stalled in Congress.
Diplomatic sources reveal that the new deal includes provisions for yearly discussions and the option to review the agreement in two years if necessary. This strategic move aims to prevent annual veto threats from Hungary, ensuring the stability and continuity of the aid.
Ursula von der Leyen, the President of the European Commission, describes the agreement as “a good day for Europe,” emphasizing the unity displayed by all 27 EU member states in supporting Ukraine. President Zelensky expresses gratitude, highlighting the importance of the decision in strengthening Ukraine’s long-term economic and financial stability.
The aid package announcement follows the EU’s decision in December to open membership talks with Ukraine, signaling a continued commitment to supporting the country in the face of external challenges.