Nordic and Baltic nations to offer Ukraine loans if EU-wide package fails because of Hungary and Slovakia
Ukraine will receive EU aid through bilateral loans from Baltic and Nordic countries even if Hungary and Slovakia continue to block a €90 billion loan, Politico reported on Wednesday, citing two diplomatic sources.
European leaders will try to persuade Hungarian Prime Minister Viktor Orbán and his Slovak counterpart Robert Fico to approve the €90 billion loan for Ukraine at a summit next week. If they fail, a coalition of Baltic and Nordic countries is prepared to provide Ukraine with enough funds to cover its needs for the first half of 2026.
The alternative plan involves providing €30 billion through bilateral loans, which would not require unanimous approval from all EU member states.
The EU initially approved the €90 billion loan for Ukraine in December 2025. At the time, Hungary, Slovakia, and the Czech Republic agreed not to block the plan on the condition that it would have no financial impact on them.
However, Hungary blocked the loan in February after oil supplies to the country via the Druzhba pipeline were halted. Ukraine stated the disruption was caused by Russian strikes, but Hungary and Slovakia have cited satellite imagery that they claim shows the pipeline itself was not damaged.
Ukrainian President Volodymyr Zelenskyy said he would prefer not to resume operations of the Druzhba pipeline because "it is Russian oil," but added that it could be restored in about a month and a half.