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EU Approves $106 Billion Loan for Ukraine; Oil Pipeline Resumes Flow
The European Union has approved a $106 billion loan package to support Ukraine's economy and military for two years, following the resumption of Russian oil deliveries to Hungary and Slovakia. The approval came after months of deadlock caused by a pipeline dispute. The EU also imposed new sanctions on Russia to undermine its war efforts.
Apr 23, 3:50 PM·2m read5 sources
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deliveries via the Druzhba pipeline, which crosses Ukraine, resumed on Thursday to Hungary and Slovakia. The pipeline had been damaged in January, with Ukrainian officials attributing the damage to Russian drone attacks. Both recipient countries confirmed the resumption, with the Slovak Prime Minister calling it good news.
Hungary and Slovakia, still dependent on Russian energy unlike most EU members, had been in a feud with Ukraine over the halted supplies. A Hungarian energy group reported receiving crude oil at pumping stations earlier that day. The dispute had delayed the loan package and sanctions, as both countries opposed the measures amid the oil row.
“We will work to make sure the funds are delivered as soon as possible. This will strengthen, of course first of all our army, Ukrainian forces, and allow us to boost production.”
the loan, the EU approved a new set of sanctions against Russia on the fifth year of its war in Ukraine. These measures, prepared early this year, target over 40 ships in Russia's shadow fleet for illicit oil transport, several banks, and impose a ban on Europeans using Russian cryptocurrency.
Asset freezes were applied to around 60 additional entities, adding to over 2,600 already sanctioned, including officials and organizations. The sanctions aim to cut Russia's oil revenue, a key funding source for its military without causing domestic economic collapse.
The measures had been delayed since February due to opposition from Hungary and Slovakia over the pipeline issue. The EU had originally intended to use frozen Russian assets as collateral for the loan. But that option was blocked by Belgium.
