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EU to approve €50 billion aid package for Ukraine next week - Latvian President

EU to approve €50 billion aid package for Ukraine next week - Latvian President Photo: President of Latvia Edgars Rinkevics (
Author: Liliana Oleniak

At next week's summit, European Union leaders will reach an agreement on a €50 billion aid package for Ukraine in 2024-2027. This will be done with or without Hungary, according to Bloomberg.

Rinkevics says that the package for Kyiv would be formalized either as an agreement with all 27 member states or through a "different mechanism" that would work if unanimity is not reached.

Hungary blocked the funding at a meeting in Brussels in December 2023. EU leaders return to the summit on February 1 to finalize the deal.

"One thing is very clear — Ukraine needs that money, Ukraine must get that money and the European Union must deliver," Rinkevics says.

Expressing hope that a consensus among all member states could be reached, Rinkevics says other proposals include a mechanism that would disburse funds in tranches, an option "that one can negotiate."

€50 billion package for Ukraine

In December 2023, EU leaders agreed to start accession talks with Ukraine, but Hungary vetoed a €50 billion aid package for Kyiv.

Hungarian Prime Minister Viktor Orban refused to approve the aid through the European Commission's joint budget, leaving the other 26 countries to consider acting without Budapest.

All 27 national leaders of the bloc will meet again in Brussels on February 1 to try to agree on financial aid for Kyiv.

Read more about how the EU is negotiating on Ukraine and whether Orban will be deprived of his veto power in RBC-Ukraine's article.