EU to push Ukraine loan ‘one way or the other’ – von der Leyen
EU Commission President Ursula von der Leyen stated that the EU will push forward with a loan for Ukraine despite Hungary's veto, linked to oil supply disputes between Ukraine and Hungary.
European Commission President Ursula von der Leyen announced that the European Union is determined to push through a controversial loan for Ukraine, amounting to €90 billion ($105 billion), regardless of Hungary's current veto. This loan has become a point of contention, particularly after Ukraine halted the flow of Russian oil through the Druzhba pipeline, which is crucial for Hungary and Slovakia’s energy supply. Von der Leyen’s comments came after EU leaders were unable to convince Hungarian Prime Minister Viktor Orban to revoke his veto during a recent summit in Brussels.
Hungarian Prime Minister Viktor Orban has consistently accused Ukraine of using oil supply cuts as a political weapon, citing this as a reason for his opposition to the loan. He has stated that Hungary will not support the financial aid until the oil supply issues are resolved, emphasizing the importance of energy security for his country. The relationship between Hungary and Ukraine has become increasingly fraught, with Orban asserting that “If there is no oil, there is no money,” which reflects the broader geopolitical tensions surrounding energy supplies in Central Europe.
The EU’s struggle to secure this loan for Ukraine illustrates the complexities of European unity in response to geopolitical crises. While EU officials have been cautious in their approach to Hungary, there is growing pressure to find a solution that could allow the financial assistance to proceed, as it is critical for Ukraine's ongoing efforts to stabilize its economy amid the ongoing conflict with Russia. The outcome of this situation will not only impact Ukraine but also challenge the EU’s ability to present a unified front against external pressures.