Two years later, the EU agreed on the allocation of €6.6 billion to help Ukraine

EU countries agreed to allocate Ukraine €6.6 billion from the European Peace Fund. This was reported by the head of European diplomacy Kaja Kallas. This decision was blocked by Hungary for two years.

“€900 million is earmarked for the EU Military Assistance Mission to Ukraine. €1 billion will go towards financing new joint equipment purchases. And €4.7 billion will be reimbursed to member states, with some already saying they will direct their share to Ukraine, Kallas wrote on X.

The EU could not agree on the allocation of these funds because of Hungary’s veto – at the time, Prime Minister Viktor Orban blocked this decision from 2024 because of the risks of escalation and unwillingness to spend money on military assistance to Ukraine. Peter Magyar, who succeeded him as prime minister, agreed to lift the veto, and the response awaits Brussels unlocking €16.4 billion of European funding for Hungary.

Established in 2021, the European Peace Fund is funded by direct contributions from EU countries. These funds are used for joint purchases of weapons for Ukraine and compensation for countries that support the Ukrainian side. The fund's financial ceiling was initially around €5 billion, now €17 billion.

Lucine Balasian