European Union leaders have reached a historic deal, sealing a $54 billion aid package for Ukraine’s war-torn economy. The agreement came after Hungary, who had previously threatened to veto the package, lifted its objection.
European Council President Charles Michel announced the breakthrough during a summit in Brussels. In a social media post, Michel declared, We have a deal, emphasizing how the agreement provides steadfast, long-term, predictable funding for Ukraine.
The decision was welcomed by Ukrainian President Volodymyr Zelenskyy, who deemed it a very important development. The surprise lifting of Hungary’s veto came after Prime Minister Viktor Orban had strongly opposed the financial aid package and resorted to brinkmanship tactics, accusing Brussels of blackmail.
The aid package had initially been agreed upon by the other 26 EU leaders in December 2020. It included a commitment to making Ukraine a candidate for EU membership, a concession reluctantly accepted by Orban.
However, the unanimous approval required for the budget review has been hindered by the EU’s concerns over Hungary’s alleged democratic backsliding, resulting in some of its funding being withheld. This dispute further complicated the delivery of long-term financial support to Ukraine.
The ongoing political infighting within the EU and the United States had also delayed Ukraine’s access to consistent funding, despite its urgent need for economic stabilization after years of conflict with Russia.
Zelenskyy expressed his gratitude for the EU’s continued financial support, acknowledging that it would contribute to Ukraine’s long-term economic and financial stability. He emphasized that such support was vital alongside military assistance and sanctions against Russia.
Hungary’s actions drew criticism from fellow EU leaders who accused Orban of playing political games and undermining Ukraine’s war-torn economy. Concerns grew over dwindling public support for assisting Ukraine, with the understanding that a Russian victory could pose a threat to security across Europe.
Orban, who enjoys close ties with Russia, had been incensed by the EU’s decision to freeze Hungary’s access to funds due to concerns over democratic principles. In response, Hungary vetoed EU statements on various matters and blockaded high-level meetings between NATO and Ukraine until recently. The country also impeded Sweden’s bid for NATO membership.
Leaders arriving in Brussels for the summit expressed frustration with Orban’s actions. Estonian Prime Minister Kaja Kallas stated, I don’t want to use the word blackmail, but I don’t know what other better word describes it. She highlighted Hungary’s own economic challenges and the benefits of EU membership.
Polish Prime Minister Donald Tusk insisted that principles, such as the rule of law and support for Ukraine, must remain uncompromised. Tusk warned that allowing Orban’s position to dominate Europe would ultimately harm Ukraine.
The summit, attended by leaders from across Europe, ultimately achieved a resolution within minutes. The substantial aid package will now provide Ukraine with the necessary resources to rebuild its ravaged economy and strengthen its long-term prospects.
The EU’s commitment to supporting Ukraine financially underscores its leadership and responsibility in the region. As the war-ravaged nation strives to overcome its challenges, the agreement offers hope for stability, both economically and geopolitically.
