EU poised to approve €35 billion in aid package for Ukraine

The European Union is expected to agree on a €35 billion financial package for Ukraine during a meeting of permanent representatives from EU member states scheduled for October 9.

This funding is anticipated to come from the revenues generated by Russian assets, Caliber.Az reports via foreign media.

Following this initial agreement, the decision will require approval from the European Parliament, with official ratification likely to take place in November. There is increasing pressure within the EU to expedite the decision-making process.

However, uncertainties remain regarding Hungary's position on extending the sanctions against Russia from six months to three years. Such an extension is considered vital for securing US participation in the funding for Ukraine.

Should Hungary refuse to support this extension, the EU's share of the overall loan from the G7 nations could drop from €35 billion to €20 billion.

The final stance of Budapest is expected to be clarified during the upcoming summit of EU leaders next week.

By Aghakazim Guliyev