EU sends €4.2 billion in financial aid to Ukraine

European Union countries signed off on the first quarterly payment to Ukraine from a €50 billion ($55 billion) support fund on Tuesday.

The payment worth €4.2 billion is to finance the functioning of the state as Ukraine fights to defeat Russia's all-out invasion and support the economic stability of the war-stricken country.

The EU overcame entrenched opposition from Hungarian Prime Minister Viktor Orbán earlier this year to set up the €50-billion fund for Ukraine, sourced from the bloc's budget, to run until 2027.

The Hungarian premier, viewed as having the closest relations with Moscow in the bloc, vetoed a previous attempt to set up the fund citing a lack of built-in review mechanisms.

Orbán has also previously linked the EU budget negotiations with the disbursement of EU funds for his country, which had been frozen over corruption and abuse of power allegations.

EU leaders agreed to debate the fund's operation each year until 2027.

With the latest €4.2 billion payment, the EU has issued €12 billion to Ukraine from the support fund.

Ukraine must meet pre-agreed conditions to continue to receive the regular quarterly payments under the fund.