The EU releases 50 billion euros in aid for Ukraine after Hungary lifted its veto

European Union leaders reached a deal on Thursday to deliver 50 billion euros in aid to Ukraine over the next four years, after Hungary lifted its veto on the package, as reported by the president of the European Council. Charles Michel.

“The 27 leaders have agreed on an additional support package of 50 billion euros for Ukraine within the EU budget,” the President of the European Council said in a message on the social network X (formerly Twitter).

“This ensures stable, predictable long-term financing for Ukraine. The EU takes leadership and responsibility in supporting Ukraine; we know what is at stake,” he added.

“We must continue to work to support Ukraine. We have the European Peace Support Fund (EFAP) and we have on the table the proposal to create an aid fund for Ukraine. So far all member states have participated, but now some members say like Hungary that they do not want to continue participating,” said the head of European diplomacy. Joseph Borrellupon arrival at the EU summit.

However, European leaders have managed to convince the Hungarian Prime Minister Viktor Orbanto approve the 50 billion euros in aid that the EU wants to give to Ukraine so that the country can continue to function amid the Russian invasion, which is different from military aid.

The EU High Representative for Foreign Affairs proposed a reform of the European Peace Support Fund (EFAP) at the end of January, with the aim that the money would now be used to boost the European defense industry, rather than the EU countries to finance to Ukraine weapons from their national reserves.

Upon arriving at the summit, the German Chancellor said, Olaf Scholzhas said that the discussion on financing weapons to Ukraine “must start urgently, because what has been planned so far is not enough.”