EU Approves New €50bn aid package for Ukraine

All 27 EU leaders have agreed a €50bn aid package for Ukraine after Hungary had previously blocked the deal.

Ukrainian President Volodymyr Zelensky welcomed the new funding, saying it would strengthen the country's economic and financial stability.

Ukraine's economic ministry said it expects the first tranche of funds in March.

There had been fears Hungary's PM would again block the package as he did at a European summit in December.

Viktor Orban, Russian President Vladimir Putin's closest ally in the EU, had said he wanted to force a rethink of the bloc's policy towards Ukraine and questioned the idea of committing funds for Kyiv for the next four years.

The package will help to pay pensions, salaries and other costs over the next four years. It comes as US military aid for Ukraine - the largest provider of military support for Kyiv - is being held up by Congress.

News of the agreement was announced less than two hours after the summit started, surprising many observers who had expected talks to go on much longer due to the depth of disagreement between Mr Orban and the other EU leaders.