EU approves €50 billion funding for Ukraine

EU leaders agreed on 1 February to allocate macro-financial assistance to Ukraine totalling €50 billion, according to Charles Michel, President of the European Council.

He noted that all 27 EU member states adopted the decision, Ukrainska Pravda reports.

"This locks in steadfast, long-term, predictable funding for Ukraine. The EU is taking leadership and responsibility in support for Ukraine; we know what is at stake," Michel said.

Media reports indicate that EU leaders are considering incorporating the idea of annual reviews of the planned €50 billion aid package for Ukraine into the EU summit resolution to secure Hungary's support.

Hungarian Prime Minister Viktor Orbán proposed a compromise deal to unblock the €50 billion in EU funding for Ukraine.

He said the compromise involves his agreement to allocate funds to Ukraine under the following condition: "[A guarantee] that the decision to continue sending money will be reviewed every year." In practice, this will essentially give Hungary another opportunity to hold up aid each year.

Before the summit, EU leaders expressed confidence that a compromise on unlocking the €50 billion in funding for Ukraine would be reached among the 27 EU countries.