EU agreed to allocate $50 billion for Ukraine, all members backed the deal

On February 1, EU leaders agreed to provide Ukraine with 50 billion euros in macrofinancial aid.

Charles Michel, President of the European Council, stated that the decision was reached by all 27 EU member states.

“This provides stable, long-term, predictable funding for Ukraine. The EU is taking leadership and responsibility in supporting Ukraine; we know what is at stake,” Michel emphasized.

Ukraine’s President, Volodymyr Zelenskyy, thanked Michel and EU leaders for their assistance.

“It is very important that the decision was made by all 27 leaders. This once again demonstrates the European Union’s strong unity. Continued EU aid for Ukraine will boost our long-term economic and financial stability, which is just as crucial as military assistance and sanctions against Russia,” Zelensky stated.

The EU summit resolution contained the concept of holding annual negotiations on the anticipated €50 billion aid package for Ukraine in order to secure Hungary’s support in allocating funding.

Hungarian Prime Minister Viktor Orban, who had vowed to obstruct the accord, suggested a compromise proposal to unlock €50 billion in EU money for Ukraine.

According to him, the compromise entails providing financing to Ukraine on the condition that “you guarantee that every year we will decide whether to continue sending this money or not.” In essence, Hungary will have the option to block funding each year.

Several European politicians welcomed the EU’s final agreement on 50 billion euros in multi-year macro-financial support for Ukraine, which Hungary had blocked since December.

Alexander de Kroo, Prime Minister of Belgium, which now holds the EU Council presidency, stated that the decision reflects EU solidarity and reminds everyone that Ukraine is fighting not only for itself but also for the freedom of all Europeans.

Ursula von der Leyen, President of the European Commission, emphasized that it is not only about providing funding for Ukraine but also about a number of other EU issues.