If the loan is approved this week, Kyiv would be set to receive the money in May, offering relief to Ukraine’s war-battered economy as it continues to fend off Russia’s full-scale invasion, now in its fifth year. Once Hungary lifts its veto the European Commission would be able to disburse the funds after completing technical checks expected to take a few weeks.
After initially agreeing to the loan in December, Budapest blocked it in February as a dispute flared over the Druzhba pipeline. Orbán accused Zelenskyy of slow-walking repairs to the infrastructure in retaliation for Hungary’s friendly relations with Russia.
In a sudden turnaround, Zelenskyy committed to repairing the pipeline shortly after conservative opposition leader Péter Magyar defeated Orbán in last Sunday’s election. Magyar has not yet taken office.
Seb Starcevic and Jacopo Barigazzi contributed reporting.