European Union leaders reached an agreement on Thursday to set up a 50 billion euro fund for Ukraine, bringing on board Prime Minister Viktor Orban of Hungary, who has been the main obstacle to an agreement.
'We have an agreement. #Unit All 27 leaders have agreed on an additional support package of EUR 50 billion for Ukraine within the EU budget,” European Council President Charles Michel said. said on social media just an hour after the meeting. “This guarantees stable, predictable long-term financing #Ukraine. The EU takes leadership and responsibility in supporting Ukraine; we know what is at stake.”
It was not immediately clear what Mr. Orban received in exchange for giving up his veto on the fund, worth about $54 billion.
He demanded an annual chance to veto the disbursement of money to Ukraine, but that was rejected. Instead, EU leaders agreed to a regular review of how the money was spent to allay concerns about distraction or corruption, EU officials said.