Hungary Blocks EU Plan to Raise Over $18 Billion in Funding for Ukraine

European Union finance ministers failed to agree Tuesday on providing more than $18 billion of vital economic assistance for Ukraine next year, with Hungarian Prime Minister Viktor Orban’s government stymying for now efforts to secure the loan through common EU debt issuance.

The promised assistance of 18 billion euros, equivalent to $18.9 billion, is envisioned as a critical part of the West’s contribution to help Kyiv pay for basic services next year. It comes after the EU came under U.S. and Ukrainian pressure to increase its economic assistance for Ukraine and ensure the consistency of its help.