'Oxygen' for army: Zelenskyy explains what will happen with €90 billion loan from EU
Photo: Volodymyr Zelenskyy (Getty Images)
Volodymyr Zelenskyy, President of Ukraine, said that Kyiv will "definitely unlock" a €90 billion loan from the European Union, Zelenskyy made this statement during the Congress of Local and Regional Authorities, according to Novyny.Live.
The head of state stressed that "we will definitely unblock the €90 billion in assistance," adding that this money is "our life, it is 'oxygen' for the army."
"We will unblock the issue of the first €45 billion tranche for this year. We understand that for us, this is, well, it is life. 'Oxygen' for our army, because essentially all technological domestic production is based on this amount — almost €30 billion, around €28 billion," the President said.
Volodymyr Zelenskyy noted that Ukraine will either succeed in lifting the blockade or find alternative solutions.
Loan for Ukraine
Ukraine is currently unable to receive the €90 billion loan from the European Union because a procedural decision required to transfer the funds is being blocked by Hungary. Hungarian authorities have issued an ultimatum to Kyiv: the funds will only be released after Russian oil supplies to Hungary via the Druzhba pipeline are restored.
Sweden has openly expressed readiness to consider invoking Article 7 of the EU Treaty — a mechanism that could strip Hungary of its voting rights. President of the European Council António Costa described Orbán’s behavior as "unacceptable."
In addition, President of the European Commission Ursula von der Leyen stated that the EU will "one way or another" provide Ukraine with the €90 billion loan despite Hungary’s blockade.
For more details on what happened yesterday in Brussels, what the EU is counting on, and whether there is a plan B, read the RBC-Ukraine report.
