Estonia's Prime Minister Kaja Kallas, President of the European Parliament Roberta Metsola and President of the European Council Charles Michel attend a European Union summit in Brussels. (Reuters: Johanna Geron)

European Union agrees to 50-billion-euro aid package for Ukraine despite Hungary’s veto threat

In short: The EU has agreed to provide Ukraine with a new 50 billion euro ($82 billion) support package despite Hungary’s threats to veto the move.

President Volodymyr Zelenskyy said the EU’s aid package would strengthen long-term economic and financial stability as the war with Russia approaches its third year.

What’s next? Ukraine expects to receive the first tranche of 4.5 billion euros from the EU facility in March.

The leaders of the 27 European Union countries sealed a deal on Thursday to provide Ukraine with a new 50-billion-euro ($82 billion) support package, despite threats for weeks from Hungary to veto the move.

European Council President Charles Michel announced the agreement about an hour into the leaders’ summit in Brussels.

“We have a deal,” Mr Michel said in a post on social media platform X.

He said the agreement “locks in steadfast, long-term, predictable funding for Ukraine,” and demonstrated that the “EU is taking leadership and responsibility in support for Ukraine; we know what is at stake.”

Ukraine’s President Volodymyr Zelenskyy said the EU’s aid package would strengthen long-term economic and financial stability as the war with Russia approaches its third year.

Ukraine expects to receive the first tranche of 4.5 billion euros from the EU facility in March, the economy ministry said.

It was not immediately clear if any concessions were made to secure Hungarian Prime Minister Viktor Orban’s approval. He raised staunch objections to the financial aid package in December and in the days leading up to Thursday’s summit in Brussels.

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