EU agrees on €50 bn aid for Ukraine after minor compromises with Hungary

After weeks of negotiations, the 27 members of the European Union have reached an agreement to provide €50 billion in financial assistance to Ukraine from 2024 to 2027, according to an announcement made on Thursday by EU Council President Charles Michel.

The aid unlocks much-needed support to keep Ukraine’s essential services afloat as the country spends nearly all revenues on defense, and provides much-needed reassurance as an aid package for Ukraine remains blocked in US Congress.

“This locks in steadfast, long-term, predictable funding for Ukraine. EU is taking leadership & responsibility in support for Ukraine; we know what is at stake,” Michel tweeted.

We have a deal. #Unity

All 27 leaders agreed on an additional €50 billion support package for Ukraine within the EU budget.

This locks in steadfast, long-term, predictable funding for #Ukraine.

EU is taking leadership & responsibility in support for Ukraine; we know what is…

— Charles Michel (@CharlesMichel) February 1, 2024

The breakthrough came after a meeting between Hungarian Prime Minister Viktor Orban, German Chancellor Olaf Scholz, and other EU leaders, Spiegel reported. Hungary had previously blocked an agreement on aid for Ukraine, but has now dropped its opposition.

Final countdown to the #EUCO summit.

Consultations ongoing. pic.twitter.com/WcXLjhxViN

— Charles Michel (@CharlesMichel) February 1, 2024

“The EU is providing vital assistance that will help sustain Ukraine through Russia’s unprovoked and unjustified invasion,” Michel said, Spiegel reported.

The aid package aims to cover a significant portion of Ukraine’s estimated €3-4 billion monthly financing needs in 2023. According to EU officials, the funds will help pay salaries and pensions, as well as maintain essential services and infrastructure.

“This aid package demonstrates the EU’s steadfast commitment to stand with Ukraine,” said European Commission President Ursula von der Leyen. “We will continue supporting Ukraine for as long as it takes.”

President Zelenskyy welcomed the decision.

“It is very important that the decision was made by all 27 leaders, which once again proves strong EU unity. Continued EU financial support for Ukraine will strengthen long-term economic and financial stability, which is no less important than military assistance and sanctions pressure on Russia,” the Ukrainian president posted on X (Twitter).

Grateful to @CharlesMichel and EU leaders for establishing the €50 billion Ukraine Facility for 2024-2027.

It is very important that the decision was made by all 27 leaders, which once again proves strong EU unity.

Continued EU financial support for Ukraine will strengthen…

— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) February 1, 2024

It was also welcomed by EU leaders, with Latvian Prime Minister Evika Siliņa saying the package will strengthen Ukraine in its fight for freedom. Petteri Opro, the Finnish prime minister, said: “It is important that we move forward and that the support for Ukraine continues to be strong as planned.”

Agreement! 27 #EU countries have fulfilled our commitment to provide #Ukraine with predictable, long-term support of 50 billion euros. This will strengthen

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