The EU promises to provide Ukraine with a €35B loan by the end of the year and is looking for ways to circumvent Hungary’s veto.

EU countries and the European Parliament need to quickly explore all legislative procedures so that Ukraine can receive a new €35B loan, which is the EU’s share of the G7’s proposed loan, VP of the European Commission Maroš Šefčovič said at the European Parliament meeting.

“These funds must be paid by the end of the year to ensure the fiscal space that Ukraine needs,” the official said.

The EU is also considering ways to circumvent Hungary’s veto on more than €6B in financing aid for Ukraine, allowing EU member states to voluntarily contribute to the European Peace Fund. This would allow funds to be directed to aid only by each country’s internal decision, without the unanimous support of all countries required.

At the same time, the Minister of Finance of Hungary said that the government would block a €35B loan until a new US president is elected. The loan for Ukraine provides for a change in the Russian sanctions regime, which Budapest opposes.