The European Union has successfully negotiated a €50 billion financial support package for Ukraine following Hungarian Prime Minister Viktor Orbán’s decision to rescind his veto on the aid.
The breakthrough agreement was reached during an emergency EU summit that put an end to weeks of intense pressure on Orbán.
“We have a deal,” announced Charles Michel, president of the European Council, signaling unanimous agreement among all 27 EU leaders.
The compromise was deemed crucial as Kyiv had emphasized the package’s importance for its financial stability in the aftermath of Russia’s full-scale invasion in 2022.
The agreement, described by Michel as providing “steadfast, long-term, predictable funding for Ukraine,” includes provisions for annual debates on aid implementation and a review in two years.
The aid, spanning four years, is seen as indispensable, especially since the Biden administration has faced challenges securing Congressional approval for its own $60 billion support package.
The negotiations culminated in a morning session involving Orbán, Michel, European Commission president Ursula von der Leyen, and leaders from Germany, France, and Italy.
The deal was then presented to the remaining 23 EU leaders, who endorsed it.
Orbán’s earlier insistence on an annual veto over aid payments to Kyiv was a major point of contention, with other leaders rejecting the demand.
However, Orbán’s concession, although viewed by some as a “face-saver,” underscores the significance of solidarity within the EU in times of crisis.
The aid package represents a pivotal moment in EU-Ukraine relations, providing essential financial support to bolster Ukraine’s long-term economic and financial stability amidst ongoing geopolitical challenges.