Ukraine could continue receiving financial support from European Union countries even if Hungary and Slovakia block a planned €90 billion loan package, based on a report by Politico citing two EU diplomats on Wednesday, March 11.
EU leaders are set to meet in Brussels next week in an effort to persuade Hungarian Prime Minister Viktor Orbán and Slovak Prime Minister Robert Fico to approve the loan, which is expected to cover roughly two-thirds of Ukraine’s financial needs for continuing its defensive war against Russia through the end of 2027.
However, diplomats say that if both governments refuse to back the proposal, several EU countries, particularly from the Baltic and Nordic regions, are prepared to provide Ukraine with alternative bilateral financing. According to *Politico*, these countries could mobilize up to €30 billion to ensure Kyiv remains solvent during the first half of 2026. Because such funds would be provided through bilateral loans, they would not require formal approval from the EU as a whole.
Separately, Dutch Finance Minister Eelco Heinen informed his EU counterparts that the Netherlands has allocated €3.5 billion annually in bilateral assistance to Ukraine through 2029.
Under current EU procedures, any member state can block the proposed €90 billion loan despite having previously agreed to the concept in December, because one of the legislative steps required for its approval demands unanimous backing from all EU countries.
Ukraine currently has funding secured only until May.
Kyiv’s immediate financial pressure has eased somewhat after the International Monetary Fund approved an $8.1 billion loan package at the end of February, including an immediate $1.5 billion disbursement. According to four officials familiar with the matter, Ukraine is expected to remain solvent until early May. Earlier estimates by EU officials had suggested that Ukraine could exhaust its available funds by the end of March.
Agreement on the €90 billion package appeared close at the end of January, but tensions rose after a Russian drone strike damaged the Druzhba oil pipeline. Orbán accused Ukraine of deliberately delaying repairs and violating commitments made in December. Ukrainian President Volodymyr Zelensky denied the accusations, saying the pipeline could be operational again within “a month or a month and a half” — potentially after Hungary’s April 12 elections, which polls suggest Orbán could lose.
Both Kyiv and Brussels are closely watching Hungary’s upcoming election. If opposition leader Péter Magyar wins, EU officials believe his government may be more willing to approve the Ukraine loan.
Slovakia’s Prime Minister Robert Fico is viewed by Brussels as a less serious obstacle. On March 8 he had threatened to block the loan until the Druzhba pipeline was repaired. However, after meeting European Commission President Ursula von der Leyen at a nuclear energy summit in Paris, Fico appeared to soften his stance.
Following the meeting, Fico said he and von der Leyen discussed the “need to restore Russian oil transit through Ukraine to Slovakia,” adding that he was pleased that the European Commission shares his view on the issue.
Ukraine continues to rely heavily on Western financial assistance to sustain its economy and war effort amid Russia’s ongoing invasion, now entering its third year.
Header image: Hungarian PM Viktor Orban. Credit: Frederick Florin/AFP via Getty Images
