The European Union has reached a deal to provide Ukraine with a new €50 billion ($54 billion) support package for its war-affected economy, despite earlier threats from Hungary to veto the move, Associated Press reports.
European Council President Charles Michel announced the agreement during a summit in Brussels, stating that it provides steadfast, long-term, and predictable funding for Ukraine. Ukrainian President Volodymyr Zelensky welcomed the decision.
Hungary’s Prime Minister Viktor Orban had previously objected to the financial aid package, citing disagreements with the EU’s executive commission over alleged democratic backsliding in Hungary, unexpectedly lifted the veto.
The financial package is part of a review of the EU’s seven-year budget, requiring unanimous approval, and will run from 2024 through 2027. The leaders also agreed to make Ukraine a candidate for EU membership.
