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EU commits funding to Ukraine by March, Euractiv reports

EU commits funding to Ukraine by March, Euractiv reports The EU has promised to provide funding to Ukraine no later than March (Photo: flick com libereurope)
Author: Daria Shekina

The European Union may allocate funding to assist Ukraine no later than March 2024. European countries are also trying to reduce the funding gap, reports Euractiv.

It is noted that on February 1, EU leaders will hold a summit to once again agree on the budget and approve a four-year aid package for Ukraine totaling 50 billion euros.

The material emphasizes that in case of another blockage of the decision by Hungary, EU officials have devised a contingency plan worth up to 20 billion euros, using a debt structure that bypasses the objections of Hungarian Prime Minister Viktor Orban.

Additionally, according to Euractiv, the EU has several alternative options to ensure funding assistance for Ukraine this year. Sources of the new agency report that the funding will be provided no later than March.

"Regardless of the final modalities, the EU has promised Kyiv it will provide funding by March at the latest," the material states.

What led to this

Earlier, the European Commission proposed allocating 50 billion euros to Ukraine for the years 2024-2027. EU leaders discussed this initiative at the summit on December 14-15. However, Hungary vetoed the decision.

The issue of aid to Ukraine will be considered at a separate EU summit in early February. European Union member countries are also considering the possibility of depriving Hungary of its voting rights to approve the funding.

Hungarian Prime Minister Viktor Orban acknowledged that EU countries can allocate 50 billion euros to Ukraine even without Hungary.