Ukrainian President Volodymyr Zelensky will join EU leaders in Cyprus to celebrate the unblocking of a crucial 90-billion-euro loan for Kyiv.
NICOSIA: EU leaders will welcome Ukrainian President Volodymyr Zelensky to an informal summit in Cyprus on Thursday.
The visit celebrates the release of a 90-billion-euro loan for Kyiv after a prolonged deadlock was broken.
Preliminary approval for the badly needed funds was granted on Wednesday. A definitive sign-off is expected by Thursday before talks with Zelensky at Cyprus’s Ayia Napa marina.
The funds were previously blocked by a bitter row with Hungary’s nationalist premier Viktor Orban. Orban had demanded Ukraine repair a pipeline damaged by a Russian strike before lifting his veto.
Zelensky confirmed the repairs were completed on Tuesday. Officials stated Ukraine restarted pumping oil to Hungary and Slovakia the following day.
Orban, a Moscow ally frequently at odds with the EU over Ukraine, suffered a crushing election defeat this month. The pro-EU opposition figure Peter Magyar is set to replace him after 16 years in power.
Orban will not attend the meetings in Cyprus on Thursday and Friday. EU officials hope decisions related to Kyiv can now be made faster without his opposition.
One EU diplomat said Zelensky’s visit was “symbolically important” now the EU money will help support Kyiv against Russia in 2026 and 2027.
The talks in Cyprus, which holds the rotating EU presidency, will also discuss the Middle East war and its fallout. This includes skyrocketing energy prices affecting Europe.
Cyprus was drawn into the conflict in March after a drone strike on a British base on the island.
European leaders will be joined by regional counterparts on Friday for what a senior EU official described as “intensive dialogue”. Expected attendees include the presidents of Lebanon, Egypt, and Syria, along with Jordan’s Crown Prince.
They will discuss the situation in Lebanon, where a ceasefire is currently holding. More than 2,400 people have been killed and over a million displaced since Iran-backed Hezbollah drew the nation into the war.
A key issue is the Strait of Hormuz, whose effective closure has sent oil prices soaring. The EU official said the bloc was “ready to contribute” to keep the strait open when conditions are met.
The European Union’s 2028-2034 budget will also be discussed for the first time. The goal is to secure a final agreement by the end of 2026.
The EU executive wants a bigger budget worth around two trillion euros, though national governments are reluctant to pay more. The bloc has little fiscal wiggle room as it must repay Covid-era loans.
France and Germany hold opposing views, with Paris calling for more European investment and Berlin arguing for fiscal restraint. European officials fear failure to reach a deal before France’s presidential election next year carries risks.
They worry a potential far-right leader could cut contributions from France, the bloc’s second-biggest economy.
