EU approves $106 billion loan package to support Ukraine
AP News • • world
Key Points:
- The European Union approved a €90 billion loan package to support Ukraine's economic and military needs over the next two years after Hungary lifted its veto, resolving a major obstacle linked to a dispute over Russian oil supplies.
- The loan approval followed the resumption of Russian oil flow to Slovakia via the Druzhba pipeline, which had been halted due to alleged damage blamed on Russian drone attacks, a claim disputed by Slovakia's Prime Minister Robert Fico.
- Hungary and Slovakia had blocked EU sanctions against Russia and the loan package due to their dependence on Russian energy and disagreements with Ukraine, but the recent developments led to their support.
- The EU also approved new sanctions targeting Russia's maritime oil shipping, financial services, and trade sectors, aiming to reduce Moscow's revenue from oil exports that fund its war efforts in Ukraine.
- The loan funds will begin disbursement soon, providing critical budgetary support to Ukraine as it continues to resist Russian military aggression in the conflict's fifth year.
