EU Breaks Deadlock on €50 Billion for Ukraine After Orban Caves

February 03, 2024

(Bloomberg) -- European Union leaders clinched a deal on a €50 billion ($54 billion) financial aid package for Ukraine after Hungarian Prime Minister Viktor Orban caved to their demands and lifted his veto. Leaders at the extraordinary summit — some of whom accused Orban of “blackmail” — had braced for a deadlock after weeks of negotiations produced no result. Kyiv is still awaiting more than $60 billion in assistance from the US, yet to be backed by Congress. EU leaders made little effort to veil their frustration at the 60-year-old Hungarian leader. The EU is still withholding two-thirds of the more than €30 billion in EU funding for Hungary on rule-of-law and graft concerns.