All 27 leaders of European Union member states agreed on Feb. 2 to provide Ukraine with an additional 50 billion euro ($54 billion) aid package amid the country’s ongoing war with Russia.
“Potential revenues could be generated under the relevant Union legal acts, concerning the use of extraordinary revenues held by private entities stemming directly from the immobilized Central Bank of Russia assets,” the statement reads.
“We have a deal,” Mr. Michel said. “EU is taking leadership [and] responsibility in support for Ukraine; we know what is at stake.”
The funding will help Ukraine maintain its administration, pay salaries, and pensions and provide basic public services while defending itself against Russian aggression, according to the European Commission.
European Commission President Ursula von der Leyen pledged to support Ukraine “with the necessary funding and provide them with the much-needed predictability they deserve.”
EU Urges US to Support Ukraine
During her phone conversation with U.S. President Joe Biden on Feb. 1, Ms. von der Leyen underscored “the critical importance of sustained U.S. support to Ukraine,” according to the U.S. Embassy.The deal overcomes weeks of resistance from Hungary and comes amid uncertainty over the future of U.S. aid. Ukraine relies heavily on Western support as the war, the biggest conflict in Europe since World War II, nears its third year.
Ukrainian President Volodymyr Zelenskyy praised the EU agreement, saying the aid would strengthen his country’s long-term economic and financial stability.
“Continued EU financial support for Ukraine will strengthen long-term economic and financial stability, which is no less important than military assistance and sanctions pressure on Russia.”
Hungary’s Response
The agreement comes after weeks of wrangling with Hungarian Prime Minister Viktor Orban, who vetoed the aid in December 2023.
On Feb. 1, Mr. Orban said he gave the green light after receiving assurances that the aid would be used sensibly and wouldn’t come from EU funds that had been earmarked for Budapest from the bloc’s joint coffers.
The EU executive is withholding some 20 billion euros from Hungary over widespread accusations that Mr. Orban has damaged democracy at home during his 13 years in power.
Mr. Orban has had many bitter run-ins with the EU over the rule of law in Hungary and has increasingly criticized Western sanctions against Russia over the war in Ukraine. He has also cultivated closer ties with the Kremlin than his EU peers.
