EU formally approves 90bn euro Ukraine loan and new sanctions on Russia
Summary
The European Union approved a 90-billion-euro loan to help Ukraine and introduced new sanctions against Russia. This agreement happened after Hungary and Slovakia stopped blocking the deal once oil flows through the Druzhba pipeline were restored.Key Facts
- The EU loan to Ukraine totals 90 billion euros (about $105 billion) over two years.
- Hungary and Slovakia initially objected to the loan and sanctions due to issues with the Druzhba oil pipeline.
- Ukraine restarted oil flows after fixing the Druzhba pipeline, which resolved the deadlock.
- The new EU sanctions are the 20th package since Russia's invasion of Ukraine in 2022.
- The sanctions target Russian energy, banking, trade, old oil tankers (called “shadow fleet”), and cryptocurrency traders.
- The EU did not impose a full maritime ban on ships carrying Russian oil, hoping G7 countries will act together later.
- The EU stopped sales of certain machinery to Kyrgyzstan to prevent these exports from reaching Russia.
- Ukrainian President Zelenskyy said the loan approval is important for Ukraine’s defense and financial stability.
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