The EU has postponed the allocation of €50B for Ukraine until January 2024.

The European Commission has proposed giving Ukraine €50B in financial aid through 2027. On December 14, EU leaders discussed this initiative at a summit in Brussels. Hungary vetoed the decision on the night of December 15, with the remaining 26 countries supporting it.

Hungarian Prime Minister Viktor Orbán said he would not approve the decision until the bloc releases all the funds earmarked for his country that have been frozen.

The Ministry of Foreign Affairs of Ukraine called the decision reached at the EU summit to create the €50B Ukraine Facility for 2024-2027 “principled.”

“We are waiting for the completion of all the necessary legal procedures in January 2024, which will allow us to receive appropriate funding as soon as possible,” the ministry stated.

At the same time, the President of the European Commission, Ursula von der Leyen, said it is necessary to find a quick alternative solution to help Ukraine after Hungary’s veto.