Hungary Against It: 26 of 27 EU Countries Agree on $54 Billion Financial Aid Package for Ukraine

Hungary blocked a $54 billion European Union financial aid package for Ukraine at an EU summit on Friday night, Hungarian Prime Minister Viktor Orban said on Twitter (X).

"Summary of the nightshift: veto for the extra money to Ukraine, veto for the MFF review," he wrote.

However, according to the Voice of America, European Council President Charles Michel said that 26 of the 27 EU countries had agreed on a $54 billion financial aid package for Ukraine, which it urgently needs to repel the Russian invasion.

He added that the EU would "try to get unanimity" on Ukraine's budget early next year, Bloomberg reported.

One of the backup plans is for member states to send money to Ukraine outside the EU budget process.

Dutch Prime Minister Mark Rutte also noted that the 26 EU members had agreed on a broad budget package that included aid to Ukraine. In late January, EU leaders are likely to hold an additional summit to consider funding.

The Ukrainian Ministry of Foreign Affairs reacted to the veto. On its website, it published a statement in which it "welcomes the summit's achievement of a decision in principle on the establishment of a €50 billion Ukraine Facility for 2024-2027".

"This is a clear signal that the EU's financial support for Ukraine will continue. We expect all the necessary legal procedures to be completed in January 2024, which will allow us to receive the appropriate funding as soon as possible," the Foreign Ministry said in a statement.

Earlier, an adviser to the Hungarian prime minister said that Hungary would lift its veto on €50 billion for Ukraine if the EU unfroze about €30 billion for Budapest. These funds were frozen in 2022 due to rule of law issues and bribery in Hungary.

On the eve of the EU summit, more than €10 billion of these funds were unblocked for Hungary.

In October, the European Parliament supported an initiative to create the Ukraine Facility, a new financial instrument for Ukraine worth up to €50 billion for the period from 2024 to 2027.

But Hungary opposed it, suggesting that EU member states split the aid package and provide only half of the approved amount at first. Then, according to Budapest's plan, EU states should assess whether to pay the rest of the aid depending on Ukraine's needs.