Following Orbán’s defeat: EU plans to allocate €90 billion to Ukraine
13 April 16:14
Cyprus, which currently holds the EU Council presidency, plans to push for the allocation of a €90 billion recovery loan to Ukraine following the elections in Hungary. At the same time, the initiative calls for the adoption of the 20th package of sanctions against Russia, according to the European Council, as reported by "Komersant Ukrainian".
Ukraine may receive €90 billion from the EU
Cyprus, which currently holds the presidency of the Council of the European Union, intends to push for the finalization of a €90 billion financial aid package for Ukraine as part of a so-called reparations loan, as well as the approval of the 20th package of sanctions against Russia.
This was stated by Cyprus’s official representative in Brussels, commenting on the priorities of the EU presidency. According to him, the goal remains to bring these issues before the Committee of Permanent Representatives as soon as possible and to subsequently complete the decision-making procedures.
This involves plans to intensify work on the financial package for Ukraine and new sanctions following political changes in Hungary, particularly after the parliamentary elections.
The statement emphasizes that consideration of both initiatives will be placed on the agenda as soon as conditions permit, with the aim of their prompt approval within the EU.
As is known, Hungarian Prime Minister Viktor Orbán previously blocked the decision to grant Ukraine a loan of EUR 90 billion and the 20th package of sanctions due to the war Hungary is waging against Ukraine. Brussels is optimistic about further cooperation with Budapest following the victory of the Fidesz party in the parliamentary elections held this Sunday.
Blocking the €90 billion loan for Ukraine
Hungary has blocked the European Union’s €90 billion loan to Ukraine until the transit of Russian oil through the Druzhba pipeline—which halted following a Russian strike on Brody in the Lviv region on January 27—is resumed.
Budapest’s decision was announced just days before the fourth anniversary of the full-scale Russian invasion. Within the EU itself, there is a view that Hungarian Prime Minister Viktor Orbán’s stance is driven by the upcoming elections scheduled for April 12.
Hungary’s ambassador to the EU opposed the mechanism for borrowing funds guaranteed by the EU budget.
Although EU leaders agreed on a loan for Kyiv back in December, the consent of all 27 member states is required to launch the process. Hungary was the only country to block the decision, knowing that Ukraine’s budget deficit would begin as early as April.
On February 24, the Council of the European Union for General Affairs approved two draft laws paving the way for a €90 billion loan to Ukraine; however, the third necessary document—amendments to the EU’s long-term budget—remains blocked by Hungary.
During the summit in Brussels on March 19, European Union leaders were unable to reach an agreement on unblocking the €90 billion loan for Ukraine. Although most heads of state spoke in favor of providing the funds immediately, Hungary and Slovakia opposed the move.
President Volodymyr Zelenskyy is convinced that the European Union will be able to find an alternative solution for providing Ukraine with funds to finance its military if the agreed-upon €90 billion loan cannot be unblocked. He emphasized that Ukraine would be grateful if Europeans could unblock this arrangement, as the absence of an EU loan poses a risk for everyone.
