Apr. 23 — European Union approved a €90 billion ($106 billion) loan to Ukraine, reported Makis Keravnos, Minister of Finance of the European Union. 

According to European officials, this decision will allow the EU to provide financing to Ukraine in the second quarter of 2026. 

The EU will provide around €30 billion macroeconomic support to cover Ukraine’s urgent budget needs, while €60 billion will be invested in its defence industry, including procurement of defence products.

“The EU remains steadfast in its support for Ukraine’s sovereignty and territorial integrity,” Keravnos said. 

Today, the EU also approved the 20th sanctions package against Russia, imposing restrictions against 60 entities supporting Russia’s war effort, 20 credit or financial institutions, and 47 vessels of the Russian shadow fleet. These sanctions aimed to damage Russian revenue from oil sales. 

Why Hungary blocked €90 billion loan

On Feb. 28, Hungarian Prime Minister Viktor Orbán blocked a €90 billion loan for Ukraine. He also threatened to suspend power supply after Ukraine halted delivery of the Russian oil through the Ukrainian branch of the Druzhba pipeline because of the reported Russian attack on it. 

On Mar. 16, Ursula von der Leyen, the President of the European Commission, with Antonio Costa, the President of the European Council, sent a letter to President Zelenskyy proposing to provide the technical and financial support in restoring transit of the Russian oil to Hungary and Slovakia.

In their letter, European officials linked Hungary’s decision to block a €90 billion loan with the stopping of the oil transition. 

On Apr. 12, during the Hungarian elections, TISZA, a pro-European opposition party in Hungary, secured a constitutional majority, bringing an end to Viktor Orbán’s 16-year rule in Hungary.

The next day, Peter Magyar, TISZA’s leader, said that Hungary won’t block the €90 billion loan. Adding that the decision to provide money to Kyiv was already made by Brussels, he confirmed that Hungary will not finance this loan. 

On Apr. 21, Volodymyr Zelenskyy, the President of Ukraine, reported that Ukraine has finished repair works on the Druzhba pipeline. On Apr. 23, the same day that the EU approved a €90 billion loan, the Russian oil delivery through Ukraine resumed to Hungary and Slovakia. 

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