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“No oil, no cash”: Hungary threatens to block EUR 90 billion EU loan for Ukraine over stalled oil supplies
Hungary’s government has announced it will block a major European Union loan package intended to support Ukraine unless oil deliveries through the Druzhba pipeline resume.
Speaking in Mátészalka on Friday, Foreign Affairs and Trade Minister Péter Szijjártó said Hungary would veto the planned EUR 90 billion EU loan for Ukraine for 2026–2027, claiming Kyiv was “blackmailing” the country by halting crude shipments via the Druzhba oil pipeline.
Government links oil dispute to EU financing
According to reports by Telex and Népszava, Szijjártó alleged that Ukraine, “in collusion with Brussels and the Hungarian opposition”, was trying to create fuel shortages and drive petrol prices up to HUF 1,000 (EUR 2.63) per litre ahead of Hungary’s elections.
“As long as Ukraine continues to block the operation of the Druzhba oil pipeline, Ukraine will not have access to the EUR 90 billion war loan,” he said, repeating that Hungary would maintain its veto until supplies resume.
The European Union’s plan, recently approved by the European Parliament, would provide Kyiv with long-term financial assistance over the next two years. EU leaders had already reached an agreement in principle at the European Council last December.
However, final legal steps still require approval from member states.
Hungary’s role in the loan is unclear
Despite the tough rhetoric, Hungary would not directly participate in financing the package. Alongside Slovakia and the Czech Republic, it is set to be excluded from the borrowing scheme, with the funds raised by 24 other member states through enhanced cooperation.
Critics therefore question how Budapest could effectively block the loan, especially since Prime Minister Viktor Orbán had already signalled political support for the arrangement at EU level.
The EU has also developed mechanisms in recent years to bypass unanimity in certain cases, previously used when adopting sanctions against Russia.
Fuel price claims challenged
The Hungarian government has framed the dispute as a threat to household fuel prices. Yet Telex noted that it is unclear why the lack of Russian oil would push prices to HUF 1,000 per litre.
Hungarian energy company MOL Group reportedly buys crude transported through Druzhba at a discount compared with supplies arriving via Croatia’s Adria pipeline. However, this lower cost is not passed on to consumers. Instead, the extra margin is largely absorbed through windfall taxes imposed by the state.
Data cited by the outlet show that in 2024, Hungarian fuel prices were around 5% above the EU average. In the Czech Republic, motorists paid significantly less for both petrol and diesel, despite facing similar supply conditions (fuel prices there are still much lower).
Energy tensions
Crude deliveries to Hungary and Slovakia have been suspended since late January after a Russian strike damaged part of the pipeline infrastructure during attacks on Ukraine. In response, Budapest recently halted diesel exports to Ukraine and has floated further restrictions on electricity and gas supplies.
Isn’t it nice?
That you can just go through opposition mouth-pieces, and say what they say conflicts with what the government says?
Why do you not mention, that Index got a leaked document created for the government by secret services, that states, that the Ukrainians told Tisza, that it is indeed a political decision at the Munich Security Conference , and they don’t want to restart the oil transit to put political pressure on Hungary.
https://index.hu/gazdasag/2026/02/19/baratsag-koolajvezetek-titkosszolgalati-jelentes-ukrajna-orosz-tamadas-volodimir-zelenszkij-haboru/
Or the fact, that this means Tisza knew that an enemy of Hungary sabotages critical Hungarian interests, and instead of going to the secret services to report it, they agreed?!
Just so you know, in any fair nation, the last point would be grounds for persecution in a treason court case.
These scum are lucky, that the Hungarian government doesn’t want to create a precedence of persecuting politicians for treason.
The dogs bark, but the caravan goes on or to put it another way, it’s never easy to accept a different opinion, and for some it’s completely impossible, but that’s the norm in a democracy.
That’s why some people would rather live in a dictatorship, hoping to be able to control what can be said and how.