BRIEF: EU Leaders Reach Deal On €50bn Ukraine Aid

The leaders of all 27 EU states have reached agreement on €50bn of aid for Ukraine, European Council President Charles Michel has announced.

“We have a deal. All 27 leaders agreed on an additional €50 billion support package for Ukraine within the EU budget. This locks in steadfast, long-term, predictable funding for #Ukraine. EU is taking leadership & responsibility in support for Ukraine; we know what is at stake.”

The deal allows the whole of the EU’s mid-term budget review covering the years 2024-2027 to go ahead, The package provides an additional €100bn of funding to cover spending on migration, support for Western Balkan states and higher interest rate costs on the EU’s NGEU borrowing.

In the run-up to the summit a number of EU leaders had mooted the possibility of activating provisions of the EU Treaty which would have deprived Hungary of its voting rights. The Hungarian forint came under intense pressure on markets earlier in the week following a leaked EU document calling for all EU funding for Hungary to be withheld.