European Union ambassadors have approved a €90 billion loan for Ukraine after the restoration of the Druzhba oil pipeline, which had previously led Hungary to veto the financial aid package.
Key points
- The loan package includes a 20th round of sanctions against Russia, as confirmed by the Cypriot presidency of the European Union.
- The Druzhba pipeline, which supplies oil to Hungary and Slovakia, resumed operations on Wednesday after repairs to a damaged hub in Ukraine.
- Hungarian leadership had previously conditioned its approval of the loan on the resumption of oil flows through the pipeline.
- Two-thirds of the funding is designated for bolstering Ukraine's defense capabilities, with the remainder allocated for financial assistance.
Why it matters
This agreement provides critical financial and military support to Ukraine while resolving a significant diplomatic impasse within the European Union regarding energy security.
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