Next week, European Union leaders are scheduled to hold a summit in Brussels where they will attempt to convince Hungarian Prime Minister Viktor Orbán and his Slovak counterpart Robert Fico to fulfill their commitment to approve a €90 billion loan for Ukraine. This loan is crucial for Ukraine, as it would cover two-thirds of the country’s funding needs until the end of 2027, according to reports from Politico. Ukraine, which is currently fighting against Russian aggression, relies heavily on this financial support to stabilize its economy.

In the event that Hungary and Slovakia do not consent to the loan, alternative funding mechanisms are already being explored within the EU. The Baltic and Nordic countries are reportedly preparing to send substantial financial aid to Ukraine, ensuring sufficient support for the first half of the year, despite the objections from the two central European nations. Diplomats familiar with the situation have suggested that bilateral loans from these northern countries could serve as a lifeline for Ukraine, helping to maintain its budget and support the ongoing defense efforts against Russia.

The backdrop of this financial negotiation is further complicated by the political dynamics in Hungary, where Fico's and Orbán's pro-Russian stance may be influenced by their domestic political situations and upcoming elections. Both leaders face pressure from various stakeholders within their countries, and the EU summit could prove pivotal not only for Ukraine’s financial stability but also for testing the unity and resolve of European partners in supporting Ukraine against the ongoing invasion by Russia.