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EU Approves €90 Billion Loan to Ukraine and 20th Sanctions Package Against Russia
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![Photo of Dariia Mykhailenko]( "Photo of Dariia Mykhailenko")
European Union ambassadors have given preliminary approval for a €90 billion (approximately $105 billion) loan to Ukraine, as well as the 20th sanctions package against Russia, with official procedures expected to be finalized on Thursday, April 23.
The decision, reported by The Guardian and Reuters on April 22, marks a significant step in the EU’s ongoing support for Ukraine amidst its war with Russia. The formal procedure is now set to conclude following the written approval process.
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A spokesperson for the Cypriot presidency of the EU explained that the written procedure will be completed by the afternoon of April 23, and European representatives are expected to meet in Cyprus at the EU summit.
The summit, set to take place from April 23-24, will not only focus on Ukraine but also discuss broader international security issues, including the conflict in the Middle East, the situation in Iran, and the associated energy risks for Europe.
The Guardian reports that Hungarian Prime Minister Viktor Orbán, who has blocked the loan for the past four months, will skip the upcoming EU summit. Meanwhile, Hungary’s new Prime Minister, Péter Mádár, will not represent the country at the summit, as he will only officially take office in early May.
According to Reuters, EU countries have not yet approved the full ban on Russian oil shipments by sea, one of the key measures in the new sanctions package. While ambassadors have agreed in principle to the ban, they have postponed the decision on its implementation pending further coordination with the G7 countries.
Just a day earlier, on April 21, Swedish Foreign Minister Maria Malmer Stenergard stated that European Union is now in a position to meet its financial obligations to Ukraine and enforce new sanctions against Russia,
“The European Union must strengthen, accelerate, and expand its support for Ukraine, as well as increase pressure on Russia,” Stenergard emphasized.
She expressed optimism that with the removal of the "Hungarian obstacle," the EU can proceed with the promised €90 billion loan to Ukraine. The foreign minister also noted that the EU is ready to finalize the 20th sanctions package and move forward with the 21st, which she believes should be adopted before summer.
In addition, Prime Minister-designate Péter Magyar has indicated that his government will not block the European Union's €90 billion aid package for Ukraine.
While he confirmed that Hungary will maintain its opted-out status and will not participate in the loan program, Magyar emphasized that Budapest has no plans to veto the collective agreement already established by the European Council.
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