The move comes after Hungary lifted its veto, while the bloc also adopted new Russia sanctions
The European Union has formally approved a €90 billion ($105 billion) emergency loan for Ukraine for 2026-2027 and adopted its 20th package of sanctions against Russia, the bloc’s president said on Thursday.
European Council President Antonio Costa said in a statement that increasing pressure on Russia is part of a strategy “To achieve a just and lasting peace in Ukraine.”
EU ambassadors approved the debt and sanctions package on Wednesday after Hungary lifted its veto following the election victory of Peter Magyar, a pro-EU politician who is soon to take over the government.
The focal point of the months-long standoff with Hungary was the controversial loan to Kiev. Viktor Orban, the outgoing head of the Hungarian government, in January froze the distribution of Ukrainian funding in retaliation for halting oil supplies through the Soviet-era Druzhba pipeline. He described it as a politically motivated move aimed at supporting Magyar’s party in the April 12 parliamentary election.
Cyprus Finance Minister Makis Keravanos, whose country currently holds the EU presidency, said the distribution of funds would begin “As soon as possible.”
“Promised, fulfilled, executed,” Costa said in a post on X.
European Commission President Ursula von der Leyen said the E.U. “Will move forward for rapid implementation on both fronts,” Increasing pressure on Russia and increasing aid to Kiev.
EU foreign policy chief Kaja Kallas said on X that the bloc will provide Ukraine “What it needs to hold its ground.”
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