EU to Hold Special Summit on €50 Billion for Ukraine on 1 February
On February 1, 2024, the European Union will hold a special summit to discuss the allocation of 50 billion euros in additional aid to Ukraine over a four-year period, European Council President Charles Michel's spokesperson Ecaterina Casinge reports on Twitter (X).
At a press conference on December 18 in Brussels, Michel said that at the summit on February 1, EU leaders would discuss the midterm review of the EU budget, including the allocation of multi-year aid to Ukraine.
Last week, the President of the European Council said after the EU leaders' talks, which lasted until late at night, that Hungarian Prime Minister Viktor Orban had not allowed the EU to adopt a budget decision that would have included a €50bn medium-term assistance programme for Ukraine.
In this regard, the leaders agreed to hold an extraordinary summit on the issue. Initially, it was reported that it would take place in January.
After daily blackmailing Orban by blocking any assistance to Ukraine, the day before the EU leaders' summit in Brussels, the European Commission agreed to allocate €10 billion of frozen funds to Hungary for successful reforms to the independence of the judiciary.
Orban and his allies have repeatedly stated that their opposition to aid to Ukraine is not related to EU funding for Hungary. But on Friday, as the summit drew to a close, he finally named his price: paying the remaining €20 billion.
EU leaders had previously expressed confidence that they would still be able to agree on a €50 billion financial support programme for Ukraine, including Hungary's vote.
In addition, as the Financial Times has learned, EU countries are considering depriving Hungary and its President Viktor Orban of their voting rights in order to approve a €50 billion aid package for Ukraine for 2024-2027 without their participation.
Some officials in Brussels have suggested that Hungary should be subjected to a penalty procedure under Article 7 of the 2007 EU Treaty for violating the rule of law. This could lead to the suspension of the country's voting rights. But the EU's priority now is to persuade Orban to agree to finance Ukraine, clearly pointing out to him the possibility of Hungary's complete isolation.
At the same time, the Ministry of Foreign Affairs of Ukraine announced that the EU summit had reached a decision in principle to create a €50 billion Ukraine Facility for 2024-2027.