EU formally approves €90bn Ukraine loan and 20th sanctions package against Russia

The European Union has formally approved a €90 billion support loan for Ukraine and adopted its 20th package of sanctions against Russia, ending months of deadlock.

The move came after Hungary lifted its veto, allowing EU leaders to move ahead with the package on April 23. Official statements from the Council of the EU and the European Commission confirmed both the loan and the new sanctions.

The sanctions package targets Russia's energy revenues, military-industrial complex, trade and financial services, including crypto. It adds fresh economic pressure as the EU continues to respond to Russia's war against Ukraine.

The approval also comes ahead of EU summit talks in Cyprus, where Ukrainian President Volodymyr Zelenskyy is due to attend. AP and Reuters reported the agreement earlier in the day before the official EU statements followed.

The deal removes one of the biggest recent internal obstacles to European support for Kyiv and sets up the next phase of EU discussion on how to sustain financial and political backing for Ukraine.