EU Officially Approves 90 Billion Euro Loan to Ukraine and Passes New Sanctions Against Russia

Key News on the Russian Invasion of Ukraine

(Central News Agency, Brussels, 23rd) The European Union (EU) today officially approved a 90 billion euro loan to Ukraine and passed a new round of sanctions against Russia. This move injects a shot in the arm for authorities in Kyiv.

According to AFP, these measures were able to pass after Hungary and Slovakia ceased their opposition following the repair of the damaged "Druzhba" oil pipeline and the restoration of Ukraine's oil supply.

EU High Representative for Foreign Affairs and Security Policy Kaja Kallas posted online: "The deadlock is over. Russia's war economy is under more pressure, and Ukraine is getting a major boost."

Outgoing Hungarian Prime Minister Viktor Orban, who suffered a heavy defeat in this month's parliamentary elections, is stepping down. Orban had previously obstructed the EU loan to Ukraine to demand that Kyiv authorities repair the pipeline transporting Russian oil to Hungary.

With the loan to Ukraine approved, Brussels should be able to start disbursing funds in the coming months. As the Russian invasion enters its fourth year, Ukraine urgently needs these funds to fill its budget gap.

At the same time, the 27 EU member states also passed a new sanctions package against Moscow. Hungary and Slovakia had similarly blocked the sanctions against Russia over the oil pipeline dispute.

This is the 20th round of economic sanctions imposed by the EU on the Kremlin since the outbreak of the Russo-Ukrainian war, targeting Russia's energy, banking, and trade sectors.

This wave of sanctions is expected to further crack down on the "shadow fleet" used by Moscow to circumvent oil export restrictions and impose limits on Russian cryptocurrency traders. (Translated by Liu Shu-chin) 1150423

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