Michel had earlier announced his candidacy, but concerns emerged that it could pave the way for Hungary's Prime Minister Viktor Orban, who opposes further aid to Ukraine, to potentially take over as European Council President.

This change of heart occurred shortly before Michel is set to lead a summit to address additional financial support for Ukraine, especially as the EU tries to circumvent Orban's veto which has blocked the use of the EU budget to assist Kiev.

Michel's reversal, which he announced last Friday, was reportedly due to strong backlash and personal attacks following his initial intention to run for the Parliamentary seat.

He emphasized his commitment to focusing on his current role and the importance of unity in the EU Council, stating that his decision should not be a distraction or a point of divide.

Michel also mentioned his plan to consider his future engagements after his term expires later in the year. His initial decision to run was criticized by various officials and think tanks, with some EU diplomats considering it a disrespect to the role of the European Council.

The Financial Times reported that EU officials supported Michel's withdrawal, though the countries these officials represent were not disclosed.

Next week's meeting will see Orban likely to oppose EU funding for Ukraine again, after blocking it in December. With Hungary’s continued resistance, the EU could potentially trigger Article 7 of the EU treaty, which can lead to suspending a member state's voting rights.