EU Approves €90 Billion Loan for Ukraine Amid Asset Controversy

The European Union has agreed to provide a €90 billion loan to support Ukraine over the next two years. The decision bypasses using Moscow's frozen assets, despite resistance from some EU members. Prime Minister Orban played a pivotal role in facilitating the deal without financial impact on Hungary.

European Union leaders have secured a €90 billion loan for Ukraine to bolster its financial stability for the next two years in light of Russia's invasion. The loan will be drawn from EU funds rather than utilizing frozen Russian assets.

The straightforward agreement faced pushback, especially from Belgium, due to complexity and legal hurdles. Meanwhile, Hungarian Prime Minister Viktor Orban, who opposed burdening Hungary financially, emerged central to approving the loan.

The deal reaches beyond immediate financial matters, serving as a geopolitical message to Russia. However, the broader European aim of leveraging Moscow's frozen assets remains unfulfilled, highlighting internal EU divisions over fiscal strategies.

(With inputs from agencies.)