European Parliament Greenlights €50 Billion Aid for Ukraine

Written by Camilla Jessen

Feb.27 - 2024 3:01 PM CET

Photo: Alexandros Michailidis / Shutterstock.com
Photo: Alexandros Michailidis / Shutterstock.com
The European Parliament votes in favor of €50 billion financial support package for Ukraine, with funds expected to start flowing in March.

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According to the parliament's press team, the nod of approval came during a plenary session on February 27, with an overwhelming majority of 536 members voting in favor of the financial aid.

Opposition was minimal, with just 40 members voting against the package, while 39 chose to remain neutral by abstaining.

EU Solidifies Support for Ukraine

This decision follows a period of negotiation within the EU, culminating on February 1 when member states, overcoming Hungary's persistent objections, agreed to extend this substantial macro-financial assistance to Ukraine.

The agreement outlines a four-year plan for the aid's distribution.

The parliament's specialized committees had already shown their support for this financial aid program on February 22, setting the stage for the full parliament's endorsement.

Ursula von der Leyen, the President of the European Commission, has expressed expectations for the initial disbursement of funds to Ukraine in March.

Echoing this sentiment, the Ukrainian government has also indicated anticipation of receiving the first installment of 4.5 billion euros from the EU's Ukraine Facility program in March, marking a significant step in the financial support process.

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