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Hungary Drops Veto, Unlocks €90bn EU Loan for Ukraine

4/25/2026

44 10 Full Breakdown

Summary

Story summary

Hungary dropped its veto after Ukraine resumed oil shipments via the Druzhba pipeline, enabling a €90 billion EU loan.
EU states approved the loan and 20th sanctions package, with Peter Magyar stating his government will not block it, set sign-off for April 23, 2024.
The loan will be two €45 billion tranches, allocating €28 billion to defense and €17 billion to budget, with the first tranche arriving by May or June to prevent a financing gap.

History

Historical Context

The Budapest Memorandum, signed in Budapest on 5 December 1994 by the United States, United Kingdom, Russia and Ukraine, pledged security assurances for Ukraine after it gave up nuclear weapons. Russia’s 2014 annexation of Crimea and 2022 invasion broke those assurances, prompting the EU and its members, including Hungary, to mobilize large financial support for Kyiv.

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Story summary

Hungary dropped its veto after Ukraine resumed oil shipments via the Druzhba pipeline, enabling a €90 billion EU loan.
EU states approved the loan and 20th sanctions package, with Peter Magyar stating his government will not block it, set sign-off for April 23, 2024.
The loan will be two €45 billion tranches, allocating €28 billion to defense and €17 billion to budget, with the first tranche arriving by May or June to prevent a financing gap.

1 / 2