By The Financial District
Feb 31 min
EU leaders have reached an agreement on a €50 billion fund for Ukraine, overcoming the main obstacle posed by Prime Minister Viktor Orban of Hungary, as reported by The New York Times.
With the deal, steadfast, long-term, predictable funding for Ukraine has been secured. I Photo: Volodymyr Zelensky / Володимир Зеленський X
The funds, which had been stalled since December due to Hungary's veto, were crucial for Ukraine, especially amid a renewed Russian assault. Failure to reach an agreement would have severely impacted Ukraine's ongoing struggles.
Additionally, US military aid to Ukraine has faced challenges in Washington, further underscoring the importance of EU support.
"We have a deal. #Unity All 27 leaders agreed on an additional €50 billion support package for Ukraine within the EU budget," tweeted EU Council President Charles Michel.
"This locks in steadfast, long-term, predictable funding for #Ukraine."
Ukraine's President Volodymyr Zelensky expressed gratitude to EU leaders for establishing the €50 billion Ukraine Facility for 2024-2027, highlighting the significance of EU unity in providing both financial and strategic support.