President Volodymyr Zelensky is scheduled to meet with EU leaders in Cyprus this Thursday, as the bloc prepares to approve a €90 billion loan for Ukraine, ending a prolonged stalemate. Hungary's Prime Minister Viktor Orbán had vetoed funds until kyiv repaired an oil pipeline affected by a Russian attack, work already completed, allowing oil flows to resume, shortly after his electoral defeat to his pro-EU rival, Péter Magyar.

First modification: 04/23/2026 - 09:55 Last modification: 04/23/2026 - 09:58

EU leaders will welcome Ukrainian President Volodymyr Zelensky on Thursday in Cyprus to celebrate the release of a €90 billion loan for kyiv after a prolonged blockade.

Preliminary approval of the money came on Wednesday, but final signing is expected on Thursday, before European Union leaders hold talks with Zelensky at the Ayia Napa marina in Cyprus.

The funds were blocked after a bitter dispute between Hungary's nationalist Prime Minister Viktor Orbán and Zelensky.

Read alsoThe EU unlocks a 90 billion euro loan for Ukraine: this is how it will work

Orbán claimed he would only lift his veto after Ukraine repaired an oil pipeline damaged by a Russian attack. After 16 years in power, Orbán suffered a crushing electoral defeat against pro-EU opposition figure Péter Magyar in this month's elections.

The stalemate was resolved when Zelensky declared on Tuesday that repairs had been completed and officials confirmed the next day that Ukraine had restarted pumping oil to Hungary and Slovakia.

Orbán, an ally of Moscow, has frequently been an obstacle for the EU over Ukraine, and EU officials hope that on issues involving kyiv, decisions will be made more quickly without his opposition.

Beyond Ukraine

Ukraine will not be the only conflict on the agenda during talks in Cyprus, which holds the rotating presidency of the EU. The war in the Middle East and its repercussions, including skyrocketing energy prices, will also be discussed.

Cyprus was dragged into the war in March after a drone attack on a British base on the Mediterranean island.

European leaders will join their regional counterparts on Friday for what a senior EU official described as an "intensive dialogue." Expected to join are Lebanese President Joseph Aoun; the Egyptian president, Abdel Fattah al-Sisi; the Syrian president, Ahmed al-Sharaa; and the Jordanian crown prince, Hussein bin Abdullah.

During a working lunch, they will analyze the situation in Lebanon, where a ceasefire is currently in force. More than 2,400 people have been killed and more than a million displaced in Israeli attacks on the country since Iran-backed Hezbollah dragged the nation into war on March 2.

A key issue for Europe is the Strait of Hormuz, the effective closure of which has caused oil prices to soar and affected jet fuel supplies in Europe. The official stated that the bloc is "willing to contribute" to keep the strait open "when the conditions are met," noting that any help would depend on "developments."

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Budget

The European Union's budget for 2028-2034 will also be debated for the first time, with the hope of securing a final deal by the end of 2026. The EU executive wants a bigger budget, around €2 trillion, although governments are reluctant to pay more.

Read alsoThe EU unveils its "most ambitious" budget, with increases in defense and cuts in agricultural funds

Therefore, despite the energy crises, the EU has little room for maneuver to spend more, as it must find money to repay Covid-era loans.

But, as with everything related to money in the EU, France and Germany are diametrically opposed: Paris calls for more European investment and Berlin advocates fiscal restraint.

However, time is of the essence. European officials fear that if there is no deal before France's presidential election next year, there is a risk that a far-right leader could cut contributions to the EU from France, the bloc's second-largest economy.

This article is an adaptation of its original in English

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