EU Secures €90 Billion Loan to Ukraine Amid Russian Sanctions
EU ambassadors have moved forward with a €90 billion loan to Ukraine and new sanctions against Russia after Hungary dropped its opposition. Hungary's initial resistance stemmed from accusations against Ukraine involving Russian oil transit disruptions, but consensus was eventually reached to aid Ukraine financially.
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European Union ambassadors have initiated the procedure to approve a €90 billion loan to Ukraine, alongside implementing new sanctions against Russia, following Hungary's decision to withdraw its opposition, as reported by three EU diplomats on Wednesday.
The loan agreement, initially reached last year, aims to support Ukraine's financial stability through 2026 and 2027. Hungary's initial refusal to endorse the deal was due to Prime Minister Viktor Orban's allegations that Ukraine had deliberately undermined the transit of Russian oil via a damaged pipeline.
The move marks a significant step in the EU's ongoing efforts to provide economic assistance to Ukraine while maintaining pressure on Russia, despite Hungary's earlier concerns.
(With inputs from agencies.)
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- Viktor Orban
- oil transit
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