The EU on Thursday made a historic decision to open membership talks with Ukraine but they could not agree on a €50 billion package of financial aid for Kyiv due to opposition from Hungary.
At a summit in Brussels, other leaders bypassed objections from Hungarian Prime Minister Viktor Orban by getting him to leave the room while they took the historic step of agreeing to start accession negotiations with a country at war.
But they could not overcome resistance from Mr Orban, who maintains close ties to Russia, to a revamp of the bloc's budget to channel vital financial support to Ukraine and provide more cash for other EU priorities such as managing migration.
They ended talks on the financial package, which requires unanimity on the part of the 27 EU leaders, in the early hours of Friday morning and said they would try again in January, with some voicing optimism a deal could be clinched then.
Officials said leaders of 26 of the EU's 27 member countries were satisfied with a compromise budget proposal put forward by summit chairman Charles Michel.
“We still have some time; Ukraine is not out of money in the next few weeks,” Dutch Prime Minister Mark Rutte told reporters on leaving the talks. “I am fairly confident we can get a deal early next year, we are thinking of late January.”
Mr Orban has argued Ukraine should not get such large amounts of money from the EU budget as it is not part of the bloc. Other leaders have assured Kyiv that they will channel aid to Ukraine outside the EU budget if Budapest maintains its blockade.
The news on the financing struck a bittersweet note for Ukraine, coming just hours after leaders agreed to open membership talks.
Although membership would likely be many years away, the decision at a summit in Brussels takes Ukraine a step closer to its long-term strategic goal of anchoring itself in the West and liberating itself from Moscow's orbit.
The move came at a critical time for Ukraine, after its counteroffensive against Russian forces has failed to make major gains and with US President Joe Biden so far unable to get a $60 billion package for Kyiv through the US Congress.
“This is a victory for Ukraine. A victory for all of Europe. A victory that motivates, inspires and strengthens,” said Ukrainian President Volodymyr Zelenskyy.
“I congratulate every Ukrainian on this day … History is made by those who don't get tired of fighting for freedom.”
Mr Zelenskyy thanked German Chancellor Olaf Scholz for playing a key role in getting Mr Orban to leave the room to clear the way for a decision.
“Germany's support for Ukraine is growing by the day. We see it and will always remember it,” Mr Zelenskyy said.
Mr Scholz said the decision was “a strong sign of support” for Ukraine.
The leaders also agreed to accession talks with another former Soviet republic, Moldova, and to grant another, Georgia, the status of membership candidate.
“It is clear that these countries belong to the European family,” Mr Scholz said on social media platform X, formerly Twitter.
The leaders said they would also start membership talks with Bosnia when it has made political reforms.
Frustration with Hungary
Mr Orban had cited corruption and other issues in arguing Ukraine was not ready for EU talks but the bloc's diplomats suspected he was using the issue as a bargaining chip to try to unlock EU funds frozen over concerns about the rule of law in Hungary.
On Wednesday, the European Commission – the EU's executive body – restored Hungary's access to up to €10.2 billion in refunds for economic projects after finding it had fulfilled conditions on the independence of its judiciary.
Mr Orban stood by his objections to membership talks for Ukraine even after the decision was taken.
“Hungary's stance is clear: Ukraine is not prepared for us to start talks on EU membership,” he said, calling the decision to start talks “irrational” and “inappropriate”.
Belgian Prime Minister Alexander De Croo, reflecting frustration with Mr Orban, said it was time for the Hungarian to pipe down.
“If you are part of the decision, you agree with the decision, or afterwards you just have to keep your mouth shut,” he said.
Membership talks will not start immediately.
First, the EU will have to agree to a negotiating framework for the talks, which will require another unanimous decision.
The leaders said they would take this step when Ukraine met outstanding requirements on democracy and the rule of law.
Volodymyr Zelenskyy declares EU's move to grant Ukraine candidate status a victory - video
EU agrees to new round of sanctions against Russia
EU leaders on Thursday agreed to impose a 12th round of sanctions against Russia over the war on Ukraine, hitting diamond exports and better enforcing an oil price cap.
The 27 leaders said in a statement issued during their summit in Brussels that they welcomed the approval of the new sanctions on Moscow.
The EU has imposed an unprecedented battery of penalties against Russia since Mr Putin launched an invasion of Ukraine in February 2022.
The latest sanctions, which still have to be formally published, are set to ban Russia's lucrative diamond exports.
They also include measures aimed at tightening enforcement of an oil price cap to curb the amount of revenue the Kremlin makes from crude sales to non-EU countries.
European diplomats warn the EU is running out of further sectors it can agree on imposing sanctions on.
Russia's economy has so far weathered the West's punishment and Mr Putin boasted on Thursday that the country could “move forward”.
Benefits of first-time home buyers' scheme
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Read more about the coronavirus
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LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Children who witnessed blood bath want to help others
Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.
As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.
Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.
“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”
Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.
“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”
Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
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How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
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The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
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The biog
Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
Favourite film: Bohemian Rhapsody
Favourite place to visit in the UAE: The beach or Satwa
Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19
