EU nears approval of $106B Ukraine loan package

April 23, 2026

Summary

European Union officials said approval of a $106 billion Ukraine loan package could come within 24 hours after pipeline repairs.

Why this matters

The loan package would help finance Ukraine’s military and government needs for the next two years. The dispute also highlights how energy dependence on Russian oil continues to affect European Union decisions on Ukraine and sanctions.

European Union envoys met Wednesday in Brussels as officials said a 90 billion euro ($106 billion) loan package for Ukraine was close to approval after months of delay.

The funding, first agreed in December, is intended to help cover Ukraine’s military and financial needs for the next two years. Envoys assessed whether Hungary would lift its veto after saying it wanted Russian oil supplies to resume through Ukraine.

Hungary and Slovakia, which rely on Russian oil, said Ukraine had not repaired damage to the Druzhba pipeline. Ukraine and many of its European partners oppose Russian oil imports, saying they help finance President Vladimir Putin’s war.

President Volodymyr Zelenskyy said Tuesday that Ukraine had completed repairs to the Druzhba pipeline. In a social media post, he said it “was damaged by a Russian strike” but “the pipeline can resume operation.”

Hungary’s outgoing prime minister, Viktor Orbán, had indicated he would approve the loans once oil flows resumed. Orbán, who has repeatedly blocked European Union aid to Ukraine, lost the April 12 election and will be replaced by pro-European opposition leader Péter Magyar.

Cyprus, which holds the European Union’s rotating presidency, launched a written procedure on the final part of the package. Any country objecting would have to state its opposition in writing. Such procedures are often open for 24 hours, and the Cypriot presidency said final approval could come Thursday, when European Union leaders are due to meet for a summit in Cyprus.

European Union foreign policy chief Kaja Kallas said Tuesday, “We expect an agreement in 24 hours, so I don’t want to jinx it.”

The 27-member bloc had originally planned to use frozen Russian assets as collateral, but Belgium blocked that option because most of the assets are held there.

In December, the Czech Republic, Hungary, and Slovakia agreed not to block other European Union countries from borrowing the money on international markets if they did not have to participate. Orbán later withdrew support during the pipeline dispute.

Zelenskyy said Tuesday that “there can be no grounds for blocking” the loans. “The EU asked Ukraine to repair the Druzhba oil pipeline, which had been destroyed by Russia. We have repaired it.”

Ukraine Foreign Minister Andrii Sybiha said, “We have completed everything — there is a date (set), and the infrastructure has been repaired.”

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The funding, first agreed in December, is intended to help cover Ukraine’s military and financial needs for the next two years. Envoys assessed whether Hungary would lift its veto after saying it wanted Russian oil supplies to resume through Ukraine.

Hungary and Slovakia, which rely on Russian oil, said Ukraine had not repaired damage to the Druzhba pipeline. Ukraine and many of its European partners oppose Russian oil imports, saying they help finance President Vladimir Putin’s war.

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