The day the EU's €50 billion lifeline for Ukraine was approved

What did it mean for Ukraine's government when the European Union formally approved a €50 billion support package on 1 February 2024? The decision came after Hungary withdrew its veto, and it set out a financial framework for the next four years.

The package was expected to help the Ukrainian government cover some of the costs of pensions and salaries over that period, with the first funds due to be released in March. For a state fighting a full-scale war, the approval turned a long-contested question into a settled commitment, and it concerned the everyday functions of government as much as the front line.

War continued alongside the decision

The same day, the fighting did not pause. Two French aid workers were killed in a Russian drone strike near Beryslav in Kherson Oblast, and four other people were injured. The strike was a reminder of the risks facing those who deliver humanitarian help in the south.

In Crimea, Ukrainian unmanned surface vehicles sank the Tarantul-class missile corvette RFS Ivanovets in Donuzlav Bay. This followed a wave of Storm Shadow cruise missile strikes on Russian military infrastructure in Crimea on 31 January 2024, with explosions reported near Sevastopol International Airport. Russia said it had shot down 20 Ukrainian missiles over the Black Sea.

An exchange the day before

On 31 January 2024, Russia and Ukraine also carried out a prisoner exchange on the border. Russia received 195 soldiers, while 207 military personnel and civilians were returned to Ukraine. The United Arab Emirates facilitated the deal.

Taken together, the events of those two days showed the double track of Ukraine's situation: military operations and humanitarian losses on one side, and efforts to secure financial and human stability on the other. The EU decision of 1 February 2024 was the part aimed at the longer term.