EU Approves €90 Billion Loan for Ukraine After Hungary Withdraws Veto and Backs Additional Russian Sanctions
The EU approved a €90 billion loan to Ukraine on April 24 after Hungary dropped its veto, with most funds supporting military defense and essential services over the next two years.
The European Union formally approved a €90 billion loan to Ukraine on April 24 and announced new sanctions against Russia, ahead of an informal summit of EU leaders in Cyprus that Ukrainian President Volodymyr Zelenskyy attended. The loan will cover approximately two-thirds of Ukraine's needs over the next two years, with half allocated this year and the remainder disbursed in 2025. Most of the loan is earmarked for military spending, while approximately 64.5 billion baht annually will go toward general expenses such as healthcare and education.
Economists warned that Ukraine could face a cash shortage by June without the EU loan, which would necessitate severe cuts to public services. European Commission President Ursula von der Leyen stated: "As Russia escalates its aggression, we are stepping up support for brave Ukraine so it can defend itself and strain Russia's war economy."
EU member state ambassadors voted to approve the loan and sanctions on April 22 after Hungary withdrew its veto, making the approval official on April 23. President Zelenskyy posted on X: "This package will strengthen our army, make Ukraine more resilient, and enable us to fulfill our social obligations to Ukrainians, as set out in law." Zelenskyy added that Ukraine will consult with allies on intensifying pressure against Russia.
