EU summit approves €50 billion aid for Ukraine

European Union leaders unanimously agreed on Thursday to extend 50 billion euros in aid to Ukraine, the chairman of the summit said, overcoming weeks of resistance from Hungary.

"We have a deal. Unity," said European Council President Charles Michel in a post on X. "All 27 leaders agreed on an additional 50 billion euro support package for Ukraine within the EU budget.

"This locks in steadfast, long-term, predictable funding for Ukraine. EU is taking leadership and responsibility in support for Ukraine; we know what is at stake."

The agreement comes after weeks of wrangling with Hungarian Prime Minister Viktor Orban, who vetoed the aid package in December.

President Volodymyr Zelenskiy said on Thursday the EU's approval of its aid package to Ukraine would strengthen long-term economic and financial stability as the war with Russia approaches its third year.

Ukraine expects to receive the first tranche of 4.5 billion euros ($4.9 billion) from the EU facility in March, the economy ministry said on Thursday.