Already a subscriber? Make sure to log into your account before viewing this content. You can access your account by hitting the “login” button on the top right corner. Still unable to see the content after signing in? Make sure your card on file is up-to-date.
The European Union has formally approved a $105 billion loan to Ukraine and a new round of sanctions against Russia.
Getting into it: The loan (90 billion euros spread over two years) had been blocked since February by outgoing Hungarian Prime Minister Viktor Orban, who used it as leverage to pressure Ukraine to repair the Druzhba pipeline carrying Russian oil through Ukraine into Hungary and Slovakia. Ukraine said the pipeline had been damaged in a Russian attack and completed repairs this week, with oil flows resuming Wednesday. That repair was enough for Orban to stand down.
His April 12 election loss also played a part as incoming Hungarian leader Peter Magyar had already said the veto would come off once he takes over.
The bulk of the funds is earmarked for military spending, with around 17 billion euros annually set aside for general budget needs like health and education. Ukraine would only need to repay the no-interest loan if Russia pays war reparations.
Alongside the loan, the EU also announced its 20th round of sanctions against Russia targeting energy, banking, and other trade sectors.
This all comes as Russian Foreign Ministry spokeswoman Maria Zakharova claimed that the funds would likely be misused by “corrupt” Ukrainian officials. In addition, Kremlin spokesman Dmitry Peskov said the EU was using its taxpayers’ funds to prolong the war between Russia and Ukraine.






