Hungary drops veto, clearing path for $106 billion EU loan to Ukraine
Summary
The European Union has given initial approval for a $106 billion loan to Ukraine after Hungary lifted its veto. Most of the money will support Ukraine’s defense sector as the country continues its conflict with Russia.Key Facts
- Hungary blocked the EU loan to Ukraine for months due to a dispute over an oil pipeline.
- Hungarian Prime Minister Viktor Orbán vetoed the loan in February over the Druzhba Pipeline’s shutdown.
- Orbán lost the April 12 elections to Peter Magyar, who supports Ukraine more.
- Ukrainian President Zelenskyy says the pipeline is now fixed and Russian oil flows have resumed.
- The EU loan still needs official approval, but Hungary’s veto removal means no major obstacles remain.
- About two-thirds of the loan will fund Ukraine's defense industry, which can build more weapons than currently funded.
- Ukrainian officials say the loan is vital for defense projects that have lacked money.
- Ukraine and the EU see this loan as not just supporting Ukraine but defending Europe against Russia.
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