Luxembourg EU Foreign Ministers

Slovenia's Foreign Minister Tanja Fajon, third right, speaks with Cypriot Foreign Minister Constantinos Kombos, right, and Luxembourg's Foreign Minister Xavier Bettel, second right, during a meeting of EU foreign ministers at the European Council building in Luxembourg, Tuesday, April 21, 2026.

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EU close to approving a $106B loan for Ukraine after months of deadlock

EU close to approving a $106B loan for Ukraine after months of deadlock

The European Union is close to approving a 90 billion euro ($106 billion) loan package to support Ukraine’s military and financial needs for the next two years. Cyprus, which holds the rotating EU presidency, launched a political procedure that could see the loan approved on Thursday. The loan package has been stalled since December due to Hungary’s veto, linked to its demand for Russian oil supplies via Ukraine. President Volodymyr Zelenskyy said Ukraine has repaired the Druzhba pipeline, paving the way for Hungary to lift its veto. The EU could also on Thursday approve new sanctions against Russia which have faced delay over objections from Hungary and Slovakia.