EU Secures $50 Billion Aid For Ukraine After Hungary Veto Lifted

The European Union clinched a $50 billion (€50 billion) funding deal for Ukraine on Thursday, overcoming a months-long impasse after Hungary dropped its veto.

EU Council President Charles Michel announced the agreement on X (formerly known as Twitter). "We have a deal," he wrote, calling it "steadfast, long-term, predictable funding" for Ukraine, CNN reported.

The package, blocked since December, was crucial for Ukraine's war effort. Hungary had objected to the funding source, preferring annual contributions instead of a dedicated EU budget allocation.

A compromise, requiring yearly discussions and a potential review in two years, was reached, ensuring Hungary cannot unilaterally block future disbursements.

Critics accused Hungary of using the veto as leverage for its own EU funding woes, which are linked to rule-of-law concerns. Budapest denies any connection.

The deal does not unlock frozen EU funds for Hungary, but the summit continues.