EU Sidesteps Fico: Kyiv to Receive €30 Billion Bilaterally
Nordic and Baltic EU countries have agreed on bilateral loans for Ukraine totaling €30 billion, bypassing the veto of Slovakia and Hungary on a joint €90 billion package. The dispute was triggered by damage to the Druzhba oil pipeline and threats from Prime Minister Fico.
Plan B: Thirty Billion Without Bratislava and Budapest
The European Union will not allow the financing of Kyiv to be spoiled by the veto of two member states. According to information from Politico, citing diplomatic sources, the Nordic and Baltic countries have agreed on bilateral loans for Ukraine totaling €30 billion. Since these will be direct agreements between individual states and Kyiv—not a joint EU instrument—these transactions do not require the consent of all twenty-seven members of the Union.
The intention is pragmatic: to keep Ukraine financially afloat at least during the first half of 2026, while diplomatic efforts are underway to unblock the original package. The sum of thirty billion euros is significantly lower than the original ninety billion euros, which EU leaders agreed on back in December of last year, but it will suffice for the short-term stabilization of the Ukrainian economy.
Root of the Dispute: Druzhba Pipeline
The immediate background to the blockade is a dispute over the Druzhba oil pipeline. It stopped transporting Russian oil through Ukraine to Slovakia and Hungary from the end of January 2026, after it was damaged by a Russian drone attack near the Brody hub. Kyiv claims that repairs require a ceasefire—work in an active combat zone could take up to six weeks. Bratislava and Budapest, on the other hand, accuse President Zelenskyy of political blackmail and demand access for inspectors to the damaged infrastructure.
Prime Minister Robert Fico reacted sharply: Slovakia has suspended emergency electricity supplies to Ukraine and threatened to veto the EU loan. Hungarian Prime Minister Viktor Orbán announced a blockade as early as February 20. The situation was also complicated by an action by the Ukrainian intelligence service—drones struck a Russian pumping station in the Republic of Tatarstan, more than a thousand kilometers from the border with Ukraine, on the night of February 22-23.
What Does This Mean for Slovakia?
The veto formally remains in place—this represents a partial diplomatic success for Fico. In practice, however, Kyiv will receive funding. European Commission President Ursula von der Leyen clearly stated that the money will reach Ukraine "one way or another." This development weakens Bratislava's negotiating position in subsequent negotiations: if the EU can achieve its goal even without Slovak consent, Fico's leverage is gradually diminishing.
In addition to the Nordic-Baltic plan, the Netherlands has announced direct bilateral aid of €3.5 billion per year until 2029. The International Monetary Fund has approved a loan of $8.1 billion for Kyiv. The financing of Ukraine is thus proceeding through several mutually independent channels, which makes any individual veto an increasingly ineffective tool of pressure.
EU Summit: Last Chance for an Agreement
The leaders of the European Union will meet on March 19 at the European Council summit in Brussels. The agenda will also include an attempt to persuade Fico and Orbán to back down and approve the original ninety billion package. If the negotiations fail, the bilateral mechanism is ready to be launched immediately. The EU is thereby sending a clear signal: solidarity with Kyiv will prevail—with or without the vetoing countries. For Slovakia, this means an increasingly difficult search for a balance between the interests of energy security and relations with European partners.
