Europe: European Union has formally approved a €90 billion loan for Ukraine along with its 20th sanctions package against Russia, marking a significant development in the ongoing regional situation.
According to reports, the measures were previously blocked by Hungary, however, EU ambassadors approved both steps on Wednesday, after which a written procedure was completed to finalize the decision.
Member states were given until Thursday afternoon to raise objections, but no country opposed the move, leading to the unanimous approval of both the loan and sanctions package.
This breakthrough became possible following recent political changes in Hungary, where former Prime Minister Viktor Orbán had earlier blocked the loan citing the suspension of Russian oil supplies to Hungary and Slovakia through the Druzhba pipeline, a hurdle that has now been resolved.
With the approved amendments to the multiannual budget, the European Commission can now borrow from financial markets and release the first tranche of the loan to Ukraine before the end of the current quarter, while plans are also in place to allocate €45 billion for defense and budgetary support in 2026 and 2027.
European Council President Antonio Costa and European Commission President Ursula von der Leyen welcomed the decision, while EU foreign policy chief Kaja Kallas stated that the deadlock has ended and work will now accelerate on both fronts.
EU officials said the move will increase pressure on Russia’s war economy while providing significant support to Ukraine, adding that assistance will continue until a resolution to the conflict is achieved.
