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Can the EU secure stable aid for Ukraine? Hungary holds key

EU leaders face a crucial summit on Thursday, attempting to convince Hungarian Prime Minister Viktor Orban to join a plan for stable financial support to Ukraine, Reuters has reported.

Reuters
Sursa: Reuters

Failure to reach an agreement could jeopardise crucial aid as the war enters its third year.

The Plan: The proposed scheme aims to cover Ukraine's needs from 2024 to 2027 with €33 billion in loans and €17 billion in grants from the EU budget. This would provide Kyiv with more predictable funding compared to current, complex intergovernmental agreements.

The Impasse: However, unanimity among all 27 member states is required, and Hungary, maintaining close ties with Russia, insists on holding veto power over annual payments.

Urgency Mounts: With Ukraine's funds expected to run out in March, the summit represents the last chance to utilise the EU budget for aid. Delaying would force a return to the earlier, less predictable model.

EU's Compromise: To address Orban's concerns, leaders propose an annual debate on how Ukraine utilises EU aid, offering transparency without granting veto power. "The European Council will hold an annual debate... regarding the EU's approach towards the situation," reads a draft proposal.

Uncertainty Remains: The Hungarian Ambassador to Brussels expressed Budapest's continued desire for a veto, leaving the outcome of the summit unclear.

Translation by Iurie Tataru

Bogdan Nigai

Bogdan Nigai

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