Slovakia and Hungary do not want to finance a new loan for Ukraine
Slovakia and Hungary have stated that they will not participate in financing a new €70 billion loan to Ukraine, which is being discussed against the backdrop of significant war-related expenditures. At the same time, the European Union has already approved a €90 billion loan for Ukraine, which is intended to cover part of its financial needs in 2026–2027. Slovak Prime Minister Robert Fico also criticized the approach to financial support for Ukraine and called for more attention to be paid to peace initiatives.
Ukraine has asked the European Union for a new €70 billion loan for 2027. The reason is the significant costs associated with the full-scale war and the need to ensure state funding. Slovakia and Hungary are not prepared to participate in financing this loan. This stance means that the issue of further financial support for Ukraine remains a subject of controversy among EU member states.
During the summit in Brussels, Ukrainian President Volodymyr Zelenskyy appealed to European leaders to find funds for continued support of the country. According to him, the war will cost Ukraine €155 billion next year. These funds are necessary to cover the country’s massive needs amid the war. Therefore, Kyiv is seeking additional sources of funding, particularly among its European partners.
At the same time, it is important to distinguish between the new €70 billion loan and the aid that has already been agreed upon. The European Union had previously promised Ukraine a €90 billion loan to help cover urgent financial needs in 2026–2027. The European Commission plans to disburse these funds gradually.
Why Fico Opposed the New Loan
Slovak Prime Minister Robert Fico stated that his country will not participate in financing the new loan for Ukraine. According to him, Hungarian Prime Minister Péter Magyar shares this position. This was reported by Denník N and the Slovak news agency TASR. Fico also commented on the negotiations regarding the European Union’s long-term budget for 2028–2034. According to him, member states have not yet been able to agree on a common position. He believes it will be difficult to reach an agreement by the end of the year, as European Council President António Costa is hoping.
The Slovak prime minister called it “dangerous” to link negotiations on the future EU budget to funding for Ukraine. In his view, these issues should not be combined into a single negotiation process.
At the same time, Fico stated that Slovakia is ready to support Ukraine in other areas. Among them, he cited educational projects, road infrastructure development, and energy interconnections. In other words, the Slovak government is not ruling out all forms of cooperation with Ukraine, but opposes participating in the new €70 billion loan facility.
Fico called for more discussion of peace initiatives
Separately, Robert Fico criticized the proceedings of the summit in Brussels. According to him, the meeting’s participants did not pay enough attention to peace initiatives and opportunities to end the war between Russia and Ukraine.
His remarks came amid discussions of Ukraine’s financial needs and continued support from the European Union. Kyiv is insisting on securing the funds necessary to continue its defense and ensure the functioning of the state, while the positions of individual EU countries on the new loan vary.
Currently, the discussion centers on Ukraine’s request for an additional €70 billion in 2027. At the same time, a previously agreed-upon €90 billion loan is intended to cover part of the country’s urgent needs in 2026–2027. The statements from Slovakia and Hungary pertain to their participation in the new financial mechanism and do not nullify the EU’s prior agreement on the loan itself. This was reported by Dennik.
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