EU Billions for Ukraine: Hours from Green Light

As the war in Ukraine grinds on, the European Union is poised to release crucial financial aid, a move that has been long awaited by Kyiv and its allies. The bloc's foreign policy chief, Kaja Kallas, noted a "new momentum" following Hungary's recent elections, suggesting a path forward after previous roadblocks. This development, with the potential for the first tranche of a 90 billion euro loan to be disbursed by late May or early June, signals a renewed commitment from the EU to support Ukraine's resilience.

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After the Hungarian election, there is new momentum.

The previous obstruction by Hungary, under then-Prime Minister Viktor Orbán, had cast a shadow over these crucial funds. Orbán's administration had voiced concerns that the aid package could inadvertently drag Hungary into the conflict. However, with the resolution of oil supply issues to Hungary and a shift in the political landscape, the path now appears clear for the loan's approval. The upcoming ambassadorial meeting in Brussels is expected to finalize the details, bringing much-needed financial relief to Ukraine.

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Ukraine can be hours from a green light for EU billions.

This decision underscores the EU's ongoing efforts to provide substantial and coordinated support to Ukraine. While the aid package is significant, it is part of a broader strategy to bolster Ukraine's economy and defense capabilities amidst the ongoing Russian aggression. The swift approval and disbursement of these funds will be critical for Ukraine's stability and its ability to withstand the pressures of war.

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The first part of the loan of 90 billion euros can be paid out at the end of May or the beginning of June.