During a summit in Brussels, all 27 European Union leaders reached an agreement on a significant €50 billion ($54 billion) aid package for Ukraine. European Council President Charles Michel declared, "We have a deal. Unity."
Charles Michel swiftly announced the deal, emphasising that it secures "steadfast, long-term, predictable funding for Ukraine '' and highlights the commitment of the European Union in supporting Ukraine in its ongoing conflict with Russia that is set to enter the third year.
Michel said the move “locks in steadfast, long-term, predictable funding for Ukraine” and demonstrates that the “EU is taking leadership and responsibility in support for Ukraine; we know what is at stake“.
Ukraine's President Volodymyr Zelensky praised the agreement on social media, emphasising that the €50 billion aid package will enhance the long-term economic and financial stability of his country. Zelensky wrote on X, "It is very important that the decision was made by all 27 leaders, which once again proves strong EU unity.”
The €50 billion aid package is expected to support Ukraine's economy and government budget, addressing critical needs such as salaries and services for its soldiers combating Russian forces. Ukraine's economy minister anticipates receiving the first tranche of 4.5 billion euros from the EU in March.
Through this deal, EU Leaders aim to demonstrate their commitment to Ukraine amid geopolitical uncertainties, emphasizing that they stand behind the country "until victory."
This unexpected resolution is seen as a relief in Ukraine, guaranteeing funding for four years and providing a sense of long-term security. This will fill gaps in the Ukrainian government's budget, facilitating the payment of salaries and essential services.
Ukraine's economy minister anticipates the receipt of the initial tranche, amounting to 4.5 billion euros ($4.9 billion), from the EU in March.
Hungary’s Veto- “Orban’s Fatigue in Brussels”
On the eve of the summit, Hungarian Prime Minister Viktor Orban posted on X: “We will stand up for the voice of the people! Even if the bureaucrats in Brussels blackmail us.”
The 26 other leaders agreed on a $54-billion package, also making Ukraine an EU membership candidate, reluctantly accepted by Orban. PM Orban objected as Hungary is a close ally of Russia within the EU. However at thursday's summit in Brussels, a resolution emerged after Hungary lifted its Veto, as the aftermath of extended political talks of PM Orban with the leaders of Germany, France, Italy and the EU institutions. '
In December, Mr. Orban strongly opposed and blocked the adoption of the financial aid package, threatening to do the veto again recently. His government's dispute with the EU's executive commission, withholding funds due to alleged democratic backsliding, further fueled tensions.
This financial package was part of a review of the EU's seven-year Budget, requiring unanimous approval. Leaders decided that the European Commission would propose a Budget review in two years, without the possibility of a future veto.
Criticism towards Orban intensified, with accusations of blackmail and political games. Some leaders expressed frustration, labelling it as "Orban fatigue" in Brussels. Despite Orban's anger over frozen funds, Hungary's veto affected EU and NATO statements and stalled Sweden's NATO membership bid.
Estonian Prime Minister Kaja Kallas emphasised Hungary's dependence on Europe and urged Orban to realise its benefits. Polish Prime Minister Donald Tusk stressed no compromise on principles like the rule of law and Ukraine support, cautioning against Orban's dominance. Irish Prime Minister Leo Varadkar highlighted the need for a unanimous deal, leading leaders to gather in Brussels, resolving the issue within minutes.
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