The European Union (EU) has agreed on an additional 50-billion-euro ($54bn) aid package for Ukraine, securing long-term funding for the country despite threats from Hungary to veto the move. The deal was reached during a special summit of EU leaders in Brussels.

European Council President Charles Michel announced the agreement, stating that it demonstrates the EU's commitment to supporting Ukraine and provides crucial financial stability as the country enters its third year of war with Russia. Ukraine's President Volodymyr Zelenskyy expressed gratitude for the EU's decision and emphasized the unity of the 27 member states.

The aid package, which had been delayed due to political obstacles, is set to run through 2027. In addition, Ukraine has been approved as a candidate for EU membership. Hungarian Prime Minister Viktor Orban, who has close ties to Russian President Vladimir Putin, initially expressed reluctance at these decisions. Orban's discontent stemmed from the European Commission's decision to block Hungary's access to certain EU funds over concerns about potential threats to the bloc's budget.

Orban's objections resulted in several veto actions by Hungary. Estonian Prime Minister Kaja Kallas, referring to Orban's tactics, noted that blackmail seemed like an appropriate word to describe the situation. Nevertheless, after negotiating guarantees about suspended EU aid, Orban decided to lift his veto.

Latvian Prime Minister Evika Silina praised the agreement, emphasizing its positive impact on the security of Latvia and all of Europe. Meanwhile, Ukraine expects to receive the first tranche of 4.5 billion euros ($4.9bn) from the EU facility in March, according to the Ministry of Economy.

For Ukraine, this funding is of utmost importance as it faces delays with aid from the United States, where internal political disputes and the upcoming presidential election have hindered assistance. This situation has left Ukraine in a difficult position, as it struggles to access the much-needed financial support during a crucial time.

The EU's decision to provide substantial aid to Ukraine sends a powerful message to Moscow about the unity of its member states. As uncertainties arise from the upcoming US elections, the EU wants to demonstrate its unwavering support for Ukraine and its determination to stand together in the face of challenges.

While the US funding has become caught up in domestic politics, the EU's commitment to Ukraine remains steadfast. This aid package not only bolsters Ukraine's economic and financial stability but also serves as a beacon of hope for the country as it continues to navigate the ongoing conflict.

As the deal is sealed, Ukraine can breathe a sigh of relief, knowing that the EU stands firmly behind them. The funding will provide much-needed support and help Ukraine move closer to victory in the war with Russia.