Ukraine could receive up to €30 billion ($35 billion) in bilateral financing from Baltic and Nordic countries if Hungary and Slovakia continue blocking a proposed €90 billion ($104 billion) European Union loan package, Politico reported, citing EU diplomats.
According to two diplomats familiar with the talks, EU leaders will raise the issue again at next week’s summit in Brussels, where they will try to persuade Hungarian Prime Minister Viktor Orbán and Slovak Prime Minister Robert Fico to approve the broader package intended to cover roughly two-thirds of Ukraine’s financial needs through 2027.
If unanimity is not reached, northern European governments are prepared to move ahead with bilateral loans that would not require EU-wide approval. One person familiar with the discussions said the amount under consideration is €30 billion, enough to cover Ukraine’s financing needs through the first half of 2026.
Separately, Eelco Heinen told EU counterparts that the Netherlands has reserved €3.5 billion ($4 billion) annually in bilateral support for Kyiv through 2029, according to two additional diplomats cited by Politico.
EU Economy Commissioner Valdis Dombrovskis said Brussels would ensure the loan moves forward despite resistance from Budapest.
“We will deliver on this loan one way or another,” he told Politico.
Ukraine’s short-term financial pressure eased after the International Monetary Fund approved an $8.1 billion loan package in late February. Diplomatic sources told Politico that Kyiv currently has enough funding to remain solvent until early May.
On Tuesday, Hungary’s parliament adopted a resolution rejecting Ukraine’s membership in the European Union, arguing that admitting a country at war could risk making the bloc a direct party to the conflict.
Government spokesperson Zoltan Kovacs said the resolution passed with 142 votes in favor, 28 against, and four abstentions in the 199-seat legislature, where Prime Minister Viktor Orbán’s ruling Fidesz party holds a dominant majority.
According to Kovacs, the document urges the Hungarian government to support international peace efforts, avoid sending money or weapons to Ukraine, and resist any steps that could draw either Hungary or the EU deeper into the war.
Hungary has repeatedly blocked or delayed EU decisions related to Ukraine, including aid packages and accession-related measures, making Budapest one of Kyiv’s most vocal critics inside the bloc.
Last week, Hungarian authorities detained seven Ukrainian citizens transporting roughly $82 million in cash and gold, accusing them of money laundering. The incident sharply escalated tensions between Kyiv and Budapest.
Ukraine described the incident as theft and demanded the immediate return of the funds. Foreign Minister Andrii Sybiha called Hungary’s actions “an unprecedented act of state banditism,” while Kyiv summoned Hungary’s ambassador over the detention of Ukrainian citizens.
Although the detainees were later expelled from Hungary, the seized money and gold remain in the country pending the investigation.