European Parliament President Roberta Metsola officially signed the €90 billion ($106 billion) EU loan for Ukraine on Tuesday, Feb. 24. The legislative step is intended to provide a critical financial lifeline, also known as Ukraine Support Loan (USL) to Kyiv as the country enters its fifth year of full-scale war.
Despite the signing in Parliament, the loan must still be approved unanimously by the European Council. The outcome of the process is still uncertain, as Hungary and Slovakia have publicly stated they will veto the decision.
“Just signed the €90 billion Ukraine Support Loan on behalf of the European Parliament,” Metsola announced on X.
She noted that the funds are intended to shore up essential public services running and keep Ukraine’s defense strong. According to Metsola, the loan serves to safeguard shared European security and freedom, help achieve a real and lasting peace, and anchor Ukraine’s future within Europe.
On the same day, European Commission President Ursula von der Leyen arrived in Kyiv for her 10th visit since the start of the full-scale invasion.
“In Kyiv for the 10th time since the start of the war. To reaffirm that Europe stands unwaveringly with Ukraine, financially, militarily, and through this harsh winter. To underscore our enduring commitment to Ukraine’s just fight,” she wrote at X.
Hungary’s veto and Druzhba pipeline
The European Council had agreed on Feb. 19, 2025, to provide Ukraine with a €90 billion loan for 2026-27, financed through EU borrowing on capital markets and backed by guarantees from the EU budget. At the time, Hungary, Slovakia, and the Czech Republic declined to participate in the scheme but pledged not to obstruct it.
Hungary’s Prime Minister Viktor Orbán and Foreign Minister Péter Szijjártó have indicated that Budapest will veto the deal and impose further sanctions until the Druzhba pipeline is reopened for Russian oil flows. “As long as it doesn’t happen, there will be no change in the Hungarian position,” Szijjarto told journalists in Brussels.
This move drew criticism from EU officials and member states. Radoslaw Sikorski, Poland’s top diplomat, called the Hungarian position “shocking,” while EU spokeswoman Paula Pinho noted that Brussels expects high-level commitments reached by leaders in December to be honored.
The EU Commission already urged Hungary and other EU member states to uphold a political agreement reached by EU leaders in December 2025 and proceed with the adoption of a €90 billion ($106 billion) loan package for Ukraine for 2026-27.
During a press conference in Kyiv on Feb. 24, European Council President António Costa reported that an agreement has been reached for Ukraine to assess the work needed to restore the Druzhba pipeline, which was damaged during a Russian attack on Jan. 27, according to Interfax-Ukraine.
“Of course, when a member state has certain problems with another country, a third country, it is the European institutions that must support those member states and resolve these issues,” Costa said during the press briefing, as quoted by Interfax-Ukraine. He added that the two leaders agreed that Ukraine would provide an evaluation “in the coming days” regarding the timeline for the pipeline’s restoration.