EU approves €50 billion aid package for Ukraine after overcoming Hungarian veto threat

Despite earlier threats from Hungary to veto the move, European Council President Charles Michel announced the deal just an hour into the summit.

Michel emphasized that the agreement "locks in steadfast, long-term, predictable funding for Ukraine" and underscores the EU's commitment to taking leadership and responsibility in supporting Ukraine.

Ukrainian President Volodymyr Zelenskyy welcomed the EU's approval, stating that it would strengthen long-term economic and financial stability as the conflict with Russia enters its third year.

Hungary, which had previously accepted Ukraine as a candidate for EU membership, raised objections due to the European Commission's decision to block its access to some EU funds. Despite initial challenges, an agreement was eventually reached, with Hungarian Prime Minister Viktor Orban securing guarantees about the use of funds.

The aid package, agreed upon in December and set to run until 2027, aims to provide substantial support to Ukraine. The EU's decision sends a significant signal of solidarity and commitment to Ukraine, ensuring a longer-term sense of security. The first tranche of €4.5 billion ($4.9 billion) is expected to reach Ukraine in March.

Latvia's Prime Minister Evika Silina and other EU leaders expressed relief and praised the agreement as excellent news for the security of Ukraine and all of Europe.

The deal reflects the EU's unified stance in supporting Ukraine amid geopolitical challenges. (ILKHA)