Overview

• The European Union has prepared a £17.4 billion workaround fund to overcome Hungary’s opposition to further support for Ukraine.
• The new plan would allow the European Commission to borrow money for Ukraine on international markets.
• Support from Brussels is seen as crucial for propping up Ukraine’s economy while US President Joe Biden’s own aid package remains blocked.
• The workaround would only provide low-cost loans to Ukraine, and not grants that need not be repaid.
• The £43.5 billion package, however, originally worked up in June, remains the priority and there is still hope in Brussels that Mr Orbán’s opposition can be overcome.