EU seeks to unblock €90 billion loan for Ukraine after Orban's defeat - Bloomberg
Kyiv • UNN
The European Union plans to quickly approve funding for Ukraine after Péter Magyar's victory in the elections. The new Hungarian leader promises close cooperation with Brussels.
The European Union will seek to finalize a 90 billion euro ($105 billion) loan to Ukraine after the electoral defeat of Hungarian Prime Minister Viktor Orbán, who had blocked the funding package, Bloomberg reports, writes UNN.
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Cyprus, which holds the EU presidency and sets many policy priorities, will raise the issue as soon as possible at a meeting of the bloc's ambassadors, according to a Cypriot official.
Orbán initially approved the critical loan for Hungary in December along with other EU leaders. But he later changed course, blaming a blocked oil pipeline in Ukraine that was damaged in a Russian drone strike. Approval of the funding requires unanimity among the 27 member states.
European leaders welcomed Hungarian opposition leader Péter Magyar, who won Sunday's elections and promised closer cooperation with the EU. German Chancellor Friedrich Merz wrote on social media: "We will work energetically together to build a strong, secure and, above all, united Europe."
In Brussels, Hungary is expected to quickly move forward on a number of issues.
"We will start working with the government as soon as possible" to achieve "rapid and long overdue progress," European Commission President Ursula von der Leyen, head of the EU executive, told reporters on Monday.
She added that the EU must use this momentum to change its own rules and abolish the unanimity requirement for foreign policy decisions. This process has allowed individual countries, such as Hungary, to block or delay decisions on Ukraine and other issues.
German government spokesman Steffen Corneliu said on Monday that Germany expects a quick release of aid to Ukraine after the elections.
Magyar said he wants to unblock frozen EU funds and bring Hungary back into the European mainstream. But the former Orbán ally, who only moved to the opposition two years ago, remains a conservative and has not yet revealed how exactly he plans to act on a number of issues.
His priority, it is noted, will be the rapid adoption of anti-corruption legislation, strengthening the independence of the judiciary, and ensuring media freedom and academic freedom. This is necessary to unblock about 20 billion euros in EU loans and grants, half of which would otherwise expire by the end of August.
Magyar signaled a departure from his predecessor's hardline style, creating expectations that he might show goodwill towards Ukraine to gain goodwill from Brussels regarding the blocked funds.
But Magyar did not say how he would position himself on the issue of the loan to Ukraine, as well as on the 20th package of EU sanctions against Russia, which Hungary has blocked for the past few months.
Much now depends on how quickly Magyar can form a government, as any important decisions are usually postponed between elections and before new leadership takes power.
"Ukraine has always sought good-neighborly relations with everyone in Europe, and we are ready to develop our cooperation with Hungary," President Volodymyr Zelenskyy wrote on social media after Magyar's victory. "We are ready for meetings and joint constructive work for the benefit of both peoples, as well as peace, security and stability in Europe."
Ukraine expects Zelenskyy's contact with Magyar - MFA13.04.26, 11:39 • 13485 views