Hungary’s Orban’s Veto Stalls $50 Billion Loan to Ukraine
Hungarian Prime Minister Viktor Orban has once again blocked efforts to the European Union’s sanctions regime against Russia, effectively hindering a crucial $50 billion loan package intended for Ukraine, Bloomberg reports.
The move, which came during a summit in Brussels, has raised tensions within the EU. Orban’s decision comes as former US President Donald Trump’s potential victory in the upcoming election has raised questions about the future of American support for Ukraine. Trump has previously criticized US funding for Ukraine and has signaled a willingness to improve relations with Russia.
The EU had proposed extending the current six-month sanctions renewal period to 36 months.
Orban’s veto, however, has effectively increased the financial burden on the EU, which has already agreed to contribute up to €35 billion to the loan. The G7 nations, including the US, Canada, Japan, and the UK, have collectively frozen about $280 billion of Russian assets.
The EU’s plan for a joint $50 billion loan to Ukraine faces a critical deadline, with another winter looming and Russia’s military advances continuing.
The debate comes as Ukrainian leader Volodymyr Zelensky visited Brussels, presenting his “victory plan” for ending the war. The plan includes Kyiv’s requirement for NATO to invite Ukraine join the alliance, continued supply of advanced weaponry, and the ability to use these weapons against military targets in Russia – a move that Moscow has strongly warned against, saying that it would mean NATO’s direct involvement in the conflict with Russia.
