The European Union has agreed to provide Ukraine with a major financial support package to help bolster an economy that has been ravaged by two years of fighting against Russian invaders, with holdout Hungary unexpectedly dropping its opposition to the move at the last minute.
On Thursday, leaders of the 27 members of the European bloc meeting in Brussels approved a roughly $54 billion package to bolster Ukraine’s economy. Supporters of the plan were able to convince Hungarian President Viktor Orban, whose country has extensive energy ties to Russia, to drop his threat to veto the move.
European Council President Charles Michel announced the aid package during a summit he was chairing in Brussels.
“We have a deal. [The] EU is taking leadership and responsibility in support for Ukraine. We know what is at stake,” Mr. Michel said on social media. “This locks in steadfast, long-term, predictable funding for Ukraine.”
Ukrainian President Volodomyr Zelenskyy on Thursday said he welcomed the decision by EU leaders to provide Kyiv with financial support as a sign that the international rules-based world order can endure.
“It sends a strong signal that Ukraine will withstand any challenges, as will Europe,” Mr. Zelenskyy said. “Europe sets the tone for global affairs through its unity. This is already a fact and it must remain this way.”
Both the Biden administration and leaders of the NATO alliance are likely to applaud the move, at a time when Western public and political enthusiasm for the war have fallen significantly and the fighting on the ground in eastern Ukraine has devolved in a grinding war of attrition.
Mr. Orban said he agreed to sign the EU assistance package after receiving assurances for what he called the “reasonable use of the money.”
“We received a guarantee that Hungary’s funds cannot go to Ukraine. After a long negotiation, we accepted this offer,” Mr. Orban said. “Our position on the war in Ukraine remains unchanged. We need a cease-fire and peace talks.”