Leaders of the 27 European Union countries have reached a historic agreement to provide Ukraine with a new 50-billion-euro ($54 billion) support package for its war-ravaged economy. This deal comes after weeks of threats from Hungary to veto the move, making the breakthrough all the more significant.
European Council President Charles Michel announced the agreement in the first hour of the summit held in Brussels. Taking to X, formerly known as Twitter, Michel stated, 'We have a deal.' He emphasized that the agreement secures long-term and predictable funding for Ukraine, demonstrating the EU's leadership and responsibility in supporting the nation during this critical time.
The Ukrainian President, Volodymyr Zelenskyy, welcomed the decision, emphasizing its importance. However, Hungary's quick lifting of its veto was a surprise. Just before the summit, Hungarian Prime Minister Viktor Orban had declared his intent to defend the 'voice of the people' and stand against the alleged blackmail from Brussels bureaucrats.
Orban had initially raised objections to the financial aid package in December, blocking its adoption. His government has been embroiled in a dispute with the European Commission over Hungary's alleged democratic backsliding, resulting in some funding being withheld. In December, the other 26 leaders had agreed to the 54-billion-dollar package, which would cover the years 2024 to 2027. Hungary reluctantly accepted the deal, which also included making Ukraine a candidate for EU membership.
Nevertheless, the financial package was subject to unanimous approval as part of the EU's ongoing seven-year budget review. To address Hungary's concerns and prevent future vetoes, the leaders agreed that the European Commission would propose a review of the budget in two years if necessary. Importantly, this review would not offer an opportunity for a future veto, ensuring the continuity of financial support for Ukraine.
The war in Ukraine, now into its second year and with a halt in active fighting, has taken a severe toll on the country's economy. Ukraine is in desperate need of economic support, and this agreement with the EU will provide much-needed stability and financial respite. The long-term backing from the EU will complement military assistance and sanctions against Russia, bolstering Ukraine's prospects for recovery.
Ukrainian President Zelenskyy expressed his gratitude for the continued support from the EU, emphasizing its importance in achieving sustainable economic and financial stability. The Leader of the European People's Party Group in the European Parliament, Manfred Weber, also stressed the significance of this agreement, stating that it sent a strong signal of unity and commitment to Ukraine's future.
Prior to the agreement, concerns had been growing that support for Ukraine was faltering among EU member states, despite the potential security risks associated with a potential Russian victory. However, some leaders directed their frustrations towards Prime Minister Orban, accusing him of playing political games and undermining support for Ukraine's recovery efforts. Polish Prime Minister Donald Tusk called out Orban's actions, stating, 'I can't understand. I can't accept this very strange and very egoistic game of Viktor Orban.'
Hungary's leader, who has close ties to Russia, remains dissatisfied with the European Commission's decision to freeze his government's access to certain EU funds due to concerns about democratic backsliding. As a response, Hungary has vetoed statements on various EU issues and even blocked high-level meetings between NATO and Ukraine until recently. Moreover, Budapest has been halting Sweden's membership bid in the military organization.
The summit in Brussels aimed to seal a deal supported by all 27 member countries. Irish Prime Minister Leo Varadkar emphasized the importance of reaching an agreement, stating that they could not leave without one. Despite the initial obstacles posed by Hungary's opposition, it is notable that the leaders were able to quickly resolve the issue, coming together to support Ukraine's recovery and future stability.
In conclusion, the European Union's leaders have demonstrated their unity and commitment to Ukraine by approving a 50-billion-euro support package for its struggling economy. With this deal, the EU takes a significant step towards providing long-term, predictable funding that Ukraine desperately needs. The agreement not only supports Ukraine's economic recovery but also sends a powerful message of solidarity and responsibility from the EU.
