EU Approves €90 Billion Loan to Ukraine Amid Sanction Dispute
The EU ambassadors approved a €90 billion loan to Ukraine and new sanctions against Russia, following Hungary's removal of its veto. Hungary's decision was influenced by issues with Russian oil transit, which have since been resolved. A change in Hungary's government also contributed to the breakthrough.
EU ambassadors gave the green light on Wednesday for a €90 billion loan to Ukraine, alongside a fresh set of sanctions against Russia. This decision follows Hungary lifting its veto, the Cypriot presidency of the EU announced.
All 27 EU member states are anticipated to formally approve the agreement by Thursday, according to a spokesperson. The arrangement, initially set last year, aims to keep Ukraine's finances stable through 2026 and 2027. Hungary had previously obstructed the deal, with Prime Minister Viktor Orban citing issues with Ukraine over oil transit disruptions.
The deadlock had also delayed the adoption of new sanctions designed to coincide with the fourth anniversary of Russia's full-scale invasion of Ukraine. The impasse ended after Hungary's energy firm MOL reported the Ukrainian operator of the Druzhba pipeline was ready to restart oil deliveries to Hungary and Slovakia. With Orban's election loss and incoming leader Peter Magyar's support, the path has cleared for Ukraine's financial aid.
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