The EU has approved the allocation of 50 billion euros for Ukraine. Hungary will no longer have veto power
1 February 2024 18:41
At a summit in Brussels on 1 February, EU leaders approved a €50bn mechanism for Ukraine, reports 
The Ukraine Facility is a €50 billion financing mechanism for Ukraine for the period 2024-2027. As previously reported in the EU, this programme consists of €17 billion in grants and €33 billion in loans. The mechanism provides not only for financing budgetary areas in Ukraine during the war, but also for programmes aimed at implementing the reforms that are essential for Ukraine’s accession to the EU.
The only EU country that blocked the adoption of this mechanism was Hungary. As a reminder, decisions at summits of EU leaders are taken unanimously. This is traditionally used by Hungary, which, in particular, blocks almost all of Ukraine’s European aspirations. It also blocked the decision to allocate €50 billion to Ukraine back in December last year. It went so far that a few days ago, the press reported that the EU was ready to “shake up” Hungary’s economy to make the Hungarian authorities more compliant.
After that, Hungarian politicians may have become more willing to engage in dialogue, but European officials still had to make concessions to Orban. There were two such concessions.
First, EU leaders agreed on the following rule:
“The European Council will hold an annual debate on the implementation of the mechanism to provide guidance. If necessary, the mechanism may be reviewed after two years in the context of the European budget process.”
This provision will allow Hungary to continue to exert pressure, demand the abolition of the mechanism and blackmail Brussels again. However, according to media reports, everything is written in such a way that Hungary will no longer have a veto on this issue.
The second innovation is also a major concession for Hungary. Brussels has withdrawn a provision that was originally created “for Hungary”. It was a mechanism that allowed the EU authorities to block funding to a member state that was committing serious violations of the rule of law.
“Today is indeed a very special day. The European Council reaffirms the European commitment to stand with Ukraine. We know that Ukraine is fighting for us, so we will support them with the necessary funding and we will do it in the most foresighted way possible, because they deserve it. I think that this €50 billion for four years is also a very powerful message to Putin on the eve of the second anniversary of his brutal invasion of Ukraine,”
– said Ursula von der Leyen, President of the European Commission.
