European Council

According to Ukraine's Foreign Minister, the allocation of 50 billion euros to Ukraine for 2024-2027 demonstrates Kyiv's continued support. In addition, it destroys statements about international partners' fatigue with the war.

President of Ukraine Volodymyr Zelenskyy emphasizes that a €50 billion aid package will strengthen Ukraine's long-term economic and financial stability, which is no less important than military aid and sanctions pressure on russia.

The EU has agreed that the European Council may propose to the European Commission to review the €50 billion support program for Ukraine in two years, if necessary.

Ukraine is advancing its climate policy by drafting a law on greenhouse gas emission quotas, which is key to EU integration, and planning the full launch of an ETS by 2026.

Ukraine welcomes EU leaders' approval of a €50 billion aid package over four years to help finance Ukraine's budget deficit.

This week, the European Commission will start informal meetings to discuss the 13th package of sanctions against russia in response to its invasion of Ukraine. The proposals are expected to focus on closing loopholes in existing sanctions.

EU leaders are gathering for an emergency summit where they are expected to confront Hungarian Prime Minister Viktor Orban over his refusal to authorize a new €50 billion aid package for Ukraine, with efforts to persuade Orban doubling in the last 24 hours but failing as Hungary has demanded an annual veto on the funding, The Guardian reports.

Zelensky said that further consolidation would be important to prepare for the upcoming European Council meeting at the level of leaders and to identify priorities for the rest of the year that Ukraine and Europe need.

EU leaders will propose holding annual debates on the planned €50 billion aid package for Ukraine to overcome Hungary's opposition to the funding.

At a summit on February 1, EU leaders will reaffirm their commitment to continue providing military support to Ukraine and emphasize the urgent need to speed up the supply of ammunition and missiles, according to a draft document obtained by Reuters.

The European Council has extended economic sanctions against Russia for another 6 months until July 31, 2024 in response to Russia's actions to destabilize the situation in Ukraine. The sanctions, first introduced in 2014, have been significantly expanded since February 2022 and include restrictions on trade, finance, technology, industry, transportation and luxury goods.

Ukraine and Lithuania are identifying joint steps to increase the production of drones for the needs of the Ukrainian Armed Forces. The two countries plan to combine Lithuanian drone production technologies with Ukraine's ability to scale up production.