EU approved assistance to Ukraine in the amount of 50 billion euros

The leaders of the European Union during the summit on February 1 approved the allocation of 50 billion euros for Ukraine as part of the UKRain Facility program, said the head of the European Council Charles Michelle.

“ We have reached an agreement. All 27 leaders agreed on an additional package of Ukraine’s support in the amount of 50 billion euros within the EU budget. This provides sustainable, long -term and predictable financing for Ukraine. The EU takes leadership and responsibility in the support of Ukraine; we know that it is put on the map ,” Michelle wrote.

The EU leaders had to agree on two compromises to unlock the allocation for Ukraine 50 billion euros, writes The Guardian.

Firstly, the EU will annually conduct debates for the implementation of the program in order to provide recommendations on the basis of the annual report of the commission.

" If necessary, in two years, the European Council will recommend the commission to make a proposal to revise the program in the context of the new many -year financing mechanism MFF ," the publication notes.

Secondly, the EU agreed to withdraw the requirements regarding the need to comply with the standards of the rule of law approved in December 2020. Then the leaders agreed to create a new mechanism that will allow the block to suspend financing of the Member State in case it does not comply with the norms associated with the judicial system.

Later, the mechanism was used to partially suspend the financing of Hungary. In other words, Prime Minister Viktor Orban, who blocked the allocation of assistance to Ukraine in December 2023, agreed to cast his vote in exchange for defrosting European money for Hungary.

President of Ukraine Volodymyr Zelensky thanked the EU leaders for the creation of a fund for Ukraine in the amount of 50 billion euros.

According to Zelensky, it is very important that the decision was made by all 27 leaders, which "once again proves the unity of the EU."

" The continuation of the financial support of Ukraine by the EU will strengthen long -term economic and financial stability, which is no less important than military assistance and sanctions pressure on Russia ," he added.

The press service of the Ministry of Economy of Ukraine said that the first tranche of 4.5 billion euros from the new EU package can be received in March.

“ We expect to receive the first payment in the amount of 4.5 billion euros in March ,” said the first Deputy Prime Minister - Minister of Economics Yulia Sviridenko.

According to her, now the government is working on an appropriate agreement on transition financing together with European partners.