The European Union has committed to providing additional financial assistance to Ukraine no later than March, Euractiv reported on Jan. 10, citing EU sources.
Read also: ‘Ukraine will become a member of NATO when all allies agree, and conditions are met’ – Biden
EU members are working on a series of bilateral support programs for Kyiv—as a contingency plan in case Hungarian PM Viktor Orban once again vetoes a collective EU funding package.
Germany intends to double its military aid to Ukraine in 2024 to over $8 billion, making it the second-largest provider of security assistance after the United States
Other NATO members—including France supplying equipment, the Netherlands providing ammunition, Estonia, and Belgium assisting in transferring frozen Russian assets to Ukraine—have also made new commitments.
Recent concerns in Europe and the United States highlight growing apprehensions about Ukraine’s financial and ammunition deficit. This shortfall raises fears that Russia could make significant gains on the battlefield.
Read also: EU budget dispute threatens EUR 50 billion war lifeline for Ukraine
The lack of additional macro-financial assistance poses substantial challenges for Kyiv, impacting the payment of salaries to public servants and jeopardizing the government’s overall operation.
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Should Budapest again veto the EUR 50 billion ($55 billion) financial aid package intended to finance the Ukrainian government over the next four years, EU officials are preparing a contingency plan worth up to EUR 20 billion ($22 billion), using a debt structure that sidesteps Orban’s objections. This would include member countries providing guarantees for the EU budget, allowing the European Commission to borrow up to EUR 20 billion on capital markets for Ukraine this year.
Read also: Orban acknowledges EU can provide aid to Ukraine without Hungary’s involvement
At the EU summit on Dec. 14, 2023, where 26 bloc members approved the start of negotiations with Ukraine regarding EU accession, Orban vetoed a EUR 50 billion EU aid package for Ukraine.
Subsequently, Politico reported that Hungary might lift its veto if the funding program is reviewed annually.
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