European Union’s approval of a 900 billion euro loan to Ukraine has received preliminary approval. The EU rotating presidency announced on Wednesday (April 22) that the formal procedures will be concluded by Thursday.
Cyprus, the current EU rotating presidency, has just confirmed that the EU member states’ ambassadors have given preliminary approval for the 900 billion euro loan.
They also indicated that the 20th round of sanctions against Russia has also received preliminary approval. Slovak Prime Minister Robert Fico had previously taken a hardline stance, stating that Slovakia would continue to freeze sanctions until the “Friendship” oil pipeline is “truly restarted.” The current progress suggests Fico is satisfied with the pipeline reopening.
Irish Foreign Minister Helen McEntee confirmed earlier that Hungary has withdrawn its veto on the 900 billion euro loan to Ukraine.
In a post on social media platform X (original Twitter), she stated, “I welcome Hungary’s confirmation in the Permanent Representatives Committee (Coreper) to lift the blockage on the 900 billion euro loan, and also welcome Hungary and Slovakia’s readiness to lift the blockage on the 20th round of sanctions.”
“This is a positive and constructive step that underscores our shared commitment to unity, consensus, and decisive action in critical moments,” she said.
A spokesperson for the Cyprus presidency stated, “These proposals will now progress through written procedures for final adoption by the Council.”
The written procedures are expected to conclude by tomorrow afternoon when EU leaders will also convene in Cyprus.
The breakthrough for the EU in this situation crucially hinges on the restarting of the “Friendship” oil pipeline.
The “Friendship Pipeline” is one of the longest oil pipelines globally, transporting Russian crude oil to Central and Eastern Europe. For landlocked Hungary and Slovakia, the pipeline is vital for their energy supply.
Previously, disruptions in oil supply due to reception issues in the Ukrainian segment of the pipeline led to a joint protest by Hungary’s government under Viktor Orbán and Slovakia’s government under Fico. Hungary vetoed the loan to Ukraine, while Slovakia blocked the 20th round of sanctions against Russia.
According to Hungarian oil giant MOL, the Ukrainian operator had resumed receiving crude oil from Belarus as of Wednesday noon. With the energy threat alleviated, both countries swiftly sent political signals, clearing the final obstacles for the EU’s substantial assistance to Ukraine.
Ukrainian President Volodymyr Zelenskyy stated on Wednesday that the EU unlocking the 900 billion euro loan for Kyiv is the “right signal under the current circumstances.” Zelenskyy shared on social media platform X that pushing Russia to end the war on Ukraine requires “strong enough support for Ukraine and pressure on Russia.”
He added that Ukraine is fulfilling its obligations to the EU, even on sensitive issues like the operation of the “Friendship” oil pipeline. He emphasized that the swift implementation of this European support plan is “crucial.”
Meanwhile, Russia confirmed on Wednesday that it will suspend the transportation of oil from Kazakhstan to Germany via the “Friendship” pipeline starting from May 1, citing “technical reasons.”
Russian Deputy Prime Minister Alexander Novak informed journalists at the Kremlin, including Agence France-Presse, that, “Starting from May 1, the Kazakh oil previously transported to Germany through the ‘Friendship’ pipeline will indeed be diverted to other available logistical routes due to current technical capacities.”
He did not provide a timeline for resuming the supply.
(This article is referenced from reporting by The Guardian)