The European Union is set to disburse the first €45 billion ($52.9 billion) installment of its €90 billion ($106 billion) loan to Ukraine within the current quarter, European Commission President Ursula von der Leyen announced during a speech at the European Parliament.
The 2026 funding is split between macrofinancial aid and military support, with one-third allocated to cover Ukraine’s budgetary needs and two-thirds dedicated to defense. The first military package, worth approximately €6 billion ($7.05 billion), will be used to procure drones “from Ukraine, for Ukraine.”
“Our message is clear: we will continue our support to the brave Ukrainian people and their armed forces,” von der Leyen stated, noting that the EU is “doubling down” on its support as Russia intensifies its aggression.
Incoming Hungarian leader Peter Magyar met EU chiefs Wednesday on his first visit to Brussels since his election win, looking to turn the page on the bad blood of nationalist Viktor Orbán’s tenure.
EU leaders feted his victory this month, which ended Kremlin-friendly Orbán’s 16 years in power, and before even taking office Magyar has sought to kickstart a new era of cooperation with Brussels that he hopes will unlock billions of euros for Budapest.
Magyar said in a video posted online that he was “very optimistic and hopeful” ahead of talks with European Commission President Ursula von der Leyen. He hoped to agree a deal by late May on how to free up some €10 billion ($11.6 billion) in frozen COVID-19 recovery funds, he added.Advertisement
