EU Considers $106 Billion Loan to Ukraine, Delayed for Months by Orban
The New York Times • • world
Key Points:
- Hungary has lifted its opposition to a €90 billion ($106 billion) European Union loan to Ukraine, likely enabling the EU to provide crucial financial support amid the ongoing war with Russia.
- The loan had been blocked since February by Hungarian Prime Minister Viktor Orban, who cited delays in repairing the Druzhba pipeline damaged in an attack that Ukraine attributes to Russia.
- EU ambassadors from the 27 member states agreed in Brussels to proceed with both the loan and a new package of sanctions against Russia, which had also been stalled due to Hungary’s objections.
- Although Hungary could theoretically still object during final approval, the loan and sanctions are expected to be swiftly finalized, allowing funds to soon reach Ukraine.
- The breakthrough followed the reopening of the Druzhba pipeline, which transports Russian oil through Ukraine to Slovakia and Hungary, resolving the key issue behind Hungary’s previous blockade.
