The European Union is preparing to move forward with a €90 billion ($105 billion) loan package for Ukraine following the electoral defeat of Hungarian Prime Minister Viktor Orbán, who had previously blocked the financing plan, News.Az reports, citing Bloomberg.
Cyprus, which currently holds the rotating presidency of the EU and helps set policy priorities, is expected to raise the issue at a meeting of the bloc’s ambassadors as soon as possible, according to a Cypriot official.
Orbán had initially approved the critical loan for Hungary in December together with other EU leaders. However, he later reversed his position, citing a blocked oil pipeline in Ukraine that had been damaged by a Russian drone strike. The approval of the funding requires unanimity among all 27 EU member states.
European leaders have congratulated Hungary’s opposition leader Péter Magyar, who won Sunday’s election and has pledged to pursue closer cooperation with the European Union.
German Chancellor Friedrich Merz wrote on social media that “We will work together vigorously to build a strong, secure and, above all, united Europe.”
In Brussels, officials expect Hungary to quickly align with EU positions in order to advance a range of pending decisions.
European Commission President Ursula von der Leyen said, “We will start working with the government as soon as possible” to ensure “swift and overdue progress.”
She also suggested that the EU should use the current momentum to reform its internal rules and potentially remove the unanimity requirement for foreign policy decisions. According to her, the existing system allows individual member states, such as Hungary, to block or delay key decisions on Ukraine and other policy matters.
