EU Clears €90bn Ukraine Loan as Druzhba Oil Flows Again
EU Clears €90bn Ukraine Loan as Druzhba Oil Flows Again
EU approves a €90 billion loan to Ukraine after the Druzhba pipeline restart ends deadlock with Hungary and paves the way for Kyiv's defense and financial support.
Brussels — EU ambassadors gave preliminary approval to a €90 billion loan package for Ukraine, aiming to shore up Kyiv's defenses and stabilize its finances as the war with Russia continues. The move comes after months of stalemate caused by Hungary's veto, which finally broke when Kyiv and Budapest signaled a reset in their relations.
Oil supplies through the Druzhba pipeline into Hungary and Slovakia were restarted, ending the deadlock. Pressurising began on Wednesday morning and crude oil would start flowing, according to energy operators in Ukraine and Slovakia. The loan moves forward with two-thirds of funds earmarked for defence needs and the remainder for broader financial support.
Orbán's election defeat cleared the air, enabling the EU to proceed. Hungary's next leader, Péter Magyar, has signalled a reset in ties with Brussels. Ambassadors are expected to sign off the package on Thursday.
With the oil flow and the loan in motion, Kyiv sees the package as a matter of life and death, and the EU frame positions the bloc as steadfast despite the Russian aggression. The package, part of the EU's broader support for Kyiv, underlines that Russia cannot outlast Ukraine.
