EU Lifts €90 Billion Loan Block for Ukraine, Sanctions Russia
The EU has approved a €90 billion loan to Ukraine and new sanctions against Russia, after Hungary lifted its veto. Ukrainian President Zelenskiy welcomed the financial aid, which will support Ukraine's budget for two years and strengthen its position for peace talks.
The European Union has formally lifted its block on a critical €90 billion loan to Ukraine, following the repair of a pipeline supplying Hungary with Russian oil. Ukrainian President Volodymyr Zelenskiy joined EU leaders in Cyprus to welcome the news, stating it was an «important day for Ukraine» and would strengthen its position for peace negotiations.
The loan, borrowed by the EU as a bloc, will support Ukraine's budget and operations for the next two years. A separate package of economic sanctions targeting Russia, also previously blocked for months, was formally approved on Thursday. Hungary's outgoing Prime Minister Viktor Orbán had vetoed the loan, but his obstruction ended after the pipeline repair and a recent election victory by opposition leader Péter Magyar.
Orbán, who skipped the Cyprus summit, had also used his veto to halt talks on Ukraine's EU membership bid. While Ukraine seeks fast-track entry by 2027, many European governments consider this unrealistic, advocating for a merit-based approach or alternative models like Belgium's «onion model» for a multilayered Europe.