The horizon is clear. After months of Hungary’s blockade, European Union leaders have finally approved the 90 billion euro aid package to Ukraine and will celebrate the news with Volodymyr Zelensky at a European summit in Cyprus on Thursday evening. They have also approved a 20th round of sanctions against Russia. “We arrive in Cyprus with good news,” said Commission President Ursula von der Leyen. “As Russia becomes more aggressive, Europe is increasing its support for Ukraine and putting pressure on the Russian war economy,” she added.
To mark this long-awaited breakthrough, the Ukrainian president is arriving in Cyprus where he will meet EU heads of state and government at the Ayia Napa Marina, a luxury tourist site by the sea. While flying to Nicosia, Volodymyr Zelensky expressed hope for the first European payment “by the end of May – beginning of June” to strengthen the Ukrainian army and “national arms production.” His presence in Cyprus is “symbolically important now that EU funds are unlocked to support Kiev in 2026 and 2027,” noted a relieved European diplomat.
The defeat of Viktor Orban in Hungary’s elections translated into the lifting of his veto against aid to Ukraine at the European level. It was the resumption of Russian oil delivery to Budapest through a pipeline crossing Ukraine that changed the situation. EU officials can now breathe a sigh of relief, having criticized Orban’s behavior at the previous summit in Brussels. Exasperated by the paralysis, the Ukrainian president had himself made critical comments towards Europeans, even threatening the Hungarian nationalist Prime Minister. This time, the Cyprus summit will take place without Orban, who lost to his rival in the legislative elections and is preparing to step down after sixteen years in power.
The EU leaders’ informal meeting in Cyprus does not require major decisions. The focus will be on the Middle East conflict with the expected attendance of several regional leaders, including Lebanon, Egypt, Syria, and Jordan. The EU, despite its limited leverage, stresses an “intensive dialogue” with the region and aims to discuss “the situation in Lebanon and talks between Israel and Lebanon,” according to an official.
With the blockade of the Strait of Hormuz by Iran, the conflict has severe consequences for the European economy, leading to a steep increase in the bill for oil and gas supplies. European countries are taking costly measures to support vulnerable sectors like heavy industry, agriculture, and fishing. The EU is closely monitoring the potential kerosene shortage amidst the energy crisis and is urging member states to accelerate the electrification of the continent.
At the Cyprus summit, no major announcements or financial commitments were made. The EU’s and member states’ finances, especially France’s, are strained. Financial discussions about the future EU budget for 2028-2034 need to be addressed during the summit, with negotiations expected to be challenging between Paris and Berlin. EU officials dream of reaching an agreement on the future budget by the end of the year to avoid paralysis during the busy electoral sequence of 2027, which includes legislative elections in several member states and a presidential election in France where the far-right threatens to cut the country’s contribution to the EU budget if they come to power.
