The Hungarian Leader, Viktor Orban, had been the Sole Holdout, to the 50-billion-Euro Plan aimed at keeping Ukraine’s Economy afloat during the War with Russia.
After weeks of Standoff, European Union Leaders brought Prime Minister Viktor Orban of Hungary On-Board and Agreed on Thursday, to create a 50-billion-Euro Fund for Ukraine, providing a critical Lifeline to a Country at Risk of Financial Meltdown in the midst of War with Russia.
The Breakthrough was an especially significant One, for both Ukraine and the European Union. For Ukraine, it offered Stability and Assurance as American Aid is Held-Up in Congress.
For the EU, it demonstrated European resolve to Stand United in support of Ukraine against Russia, even if the U.S. wobbles, as well as a Determination to bring an often Obstructionist Mr. Orban to heel.
Small as His Country is, the Hungarian Leader has made himself a Big Antagonist against EU Rules and Norms, drawing both Rebukes and Monetary Punishments from His Partners. Mr. Orban has also been an outsized Obstacle to many of Europe’s Ambitions, including some Sanctions against Russia, and even Sweden’s Bid to join the NATO Alliance.
He has repeatedly used the EU. Requirement for Unanimity to push Brussels for Concessions, including the Unfreezing of Money, that has been Withheld to prod Him to make Democratic Reforms.
Before Thursday’s Meeting, Mr. Orban had been Demanding an Annual chance to Veto the Disbursement of Money to Ukraine, but that was Rejected. Instead, Leaders agreed to a Regular Review of the way the Money was being spent, to assuage concerns about Diversion or Corruption, E.U. Officials said.
Under the Agreement reached on Thursday, the European Commission, the EU. Executive Arm, will Draft an Annual Report, on how the Ukraine Fund is being used. European Leaders will have a chance to Debate its Performance, and Raise any Concerns about it.
The European Parliament needs to Approve the Fund by simple Majority, a Bar that should be easily Cleared, and the Vote could take place as Early as this month.
It appeared that Mr. Orban did Not receive anything Material in Exchange, for giving up His Veto for the Fund, valued at about $54 billion.
“All 27 leaders agreed on an additional €50 billion support package for Ukraine within the EU budget,” the President of the European Council, Charles Michel, said on Social Media just an hour into Thursday’s Meeting. “This locks in steadfast, long-term, predictable funding,” He added. “EU is taking leadership & responsibility in support for Ukraine; we know what is at stake.”
The message was clear, He added: “Ukraine can count on our support, both now and in the future.” The News was warmly Welcomed in Ukraine.
“It is very important that the decision was made by all 27 leaders, which once again proves strong EU unity,” President Volodymyr Zelensky of Ukraine wrote on Social Media. “Continued EU financial support for Ukraine will strengthen long-term economic and financial stability, which is no less important than military assistance and sanctions pressure on Russia.”
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