European Union countries signed on Tuesday the first quarterly payment to Ukraine from a 50 billion euro ($55 billion) support fund.
The €4.2 billion payment is intended to finance the functioning of the state as Ukraine struggles to defeat Russia’s all-out invasion and support the economic stability of the war-torn country.
The EU overcame the Hungarian prime minister’s entrenched opposition Viktor Orbán at the beginning of this year to create the 50 billion euro fund for Ukraine, coming from the bloc’s budget, to operate until 2027.
The Hungarian prime minister, considered to have the closest relations with Moscow in the bloc, vetoed a previous attempt to create the fund, citing a lack of integrated review mechanisms.
Orbán has also previously linked EU budget negotiations to the disbursement of EU funds to his country, which had been frozen due to allegations of corruption and abuse of power.
EU leaders agreed to discuss the functioning of the fund every year until 2027.
With the latest payment of €4.2 billion, the EU issued €12 billion to Ukraine from the support fund.
Ukraine must meet pre-agreed conditions to continue receiving regular quarterly payments under the fund.
