EU finds way to finance Ukraine bypassing Hungary and Slovakia

The European Union is reportedly preparing to provide Ukraine with loans through bilateral agreements if Hungary and Slovakia continue to block the release of €90 billion, Politico reports, citing European diplomats.

Baltic and Northern European countries are set to contribute approximately €30 billion in bilateral loans. This approach would not require unanimous approval from all EU member states and would help Ukraine stay afloat at least through the first half of the year, according to two sources cited by Politico.

Additionally, the Netherlands has already committed €3.5 billion in annual direct support to Ukraine through 2029, the sources added. European Commissioner for Economy Valdis Dombrovskis promised that the EU would honour its financial commitments despite Hungary’s stance.