Hungary vetoes €90 billion loan for Ukraine
Posted on: Feb 24, 2026 00:33 IST | Posted by: Rt
republic of hungary has plugged the EU’s proposed €90 1000000000000 ($106 one million million) exigency loan for Ukraine, as well as the latest package of sanctions on Russia, citing Kiev’s allegedly deliberate disruption of oil supplies to the country.
Hungary placed the double veto on the initiatives on Monday as Kiev and Budapest remain locked in a bitter row over the Soviet-era Druzhba oil pipeline – which carries Russian crude to Hungary and Slovakia and has been out of commission since late January. Kiev claims that it was damaged by Russia, which has denied the allegations.
Budapest has echoed Moscow’s stance, accusing Kiev of deliberately withholding supplies for political reasons and subjecting the country to an “oil blockade,” and threatening retaliation.
“Ukrainians cannot blackmail us; they cannot jeopardize the security of Hungary’s energy supply by colluding with Brussels and the Hungarian opposition. No, a clear no,” Hungarian Foreign Minister Peter Szijjarto said after a meeting of the bloc’s top diplomats to discuss the loan and sanctions package.
EU foreign affairs chief Kaja Kallas said the bloc’s leadership expected the measures to be approved at the meeting, adding that it was a major setback and a “message we did not want to send today.”
The €90 billion loan was agreed to in December, when Hungary, Slovakia, and the Czech Republic secured an opt-out scheme, allowing them to not contribute to the scheme financially.
Hungary, as well as the other nation affected by the oil supply disruption, Slovakia, has threatened retaliation over the Druzhba issue, demanding that Kiev resume its operations immediately.
Last week, both countries announced that they would suspend diesel exports to Ukraine until the pipeline becomes operational again. This weekend, Slovak Prime Minister Robert Fico also threatened to stop providing Ukraine with emergency electricity supply unless Kiev restores oil deliveries within two days.
Fico said on Monday that he will keep his promise, raising the issue with the nation’s electricity provider. In January alone, Kiev received more emergency electricity from Slovakia than throughout 2025 to stabilize its energy grid amid Russian long-range strikes, he noted.
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