February 21, 2026

Hungary blocks 90 billion euro European loan to Ukraine. Orban's anti-Ukrainian rhetoric intensifies amid approaching elections which he may lose, writes FT

Hungary has blocked the allocation of a 90 billion euro European loan to Ukraine. This was announced by Hungarian Prime Minister Viktor Orban. "We are blocking the EU loan to Ukraine for 90 billion euros until oil transit to Hungary through the "Druzhba" pipeline is restored. Ukraine is blackmailing Hungary by suspending oil transit in coordination with Brussels and the Hungarian opposition, in order to create supply disruptions in Hungary and push up fuel prices before the elections. We will not succumb to this blackmail," wrote Hungarian Foreign Minister Peter Szijjarto. As the FT previously noted, for a decision on the loan to be made, it must be unanimously approved by all 27 EU member states. The bloc's leaders agreed to it in December to help Ukraine cope with its budget deficit. The loan was proposed after the EU failed to agree on the use of frozen Russian assets to finance Kyiv. "Hungary's decision to block the loan was made against the backdrop of preparations for the April elections, which could lead to the resignation of Prime Minister Viktor Orban, a long-time antagonist of Brussels and an ally of Vladimir Putin. According to polls, the opposition party "Tissa" is ahead of Orban's "Fidesz" by about 10%. In the run-up to the elections, Orban has intensified his anti-Ukrainian rhetoric," writes FT.