Why Orbán’s defeat won’t (yet) unblock EU’s €90 billion Ukraine loan

Péter Magyar’s landslide victory over Viktor Orbán in Sunday’s Hungarian elections triggered a collective sigh of relief in Brussels – and in Kyiv.

For almost a month and a half, the Moscow-friendly premier has refused to sign off on a crucial EU €90 billion loan package to Ukraine that the bloc’s leaders – including Orbán himself – previously agreed to in December.

Orbán’s stonewalling, which comes on top of his refusal to green light the bloc’s 20th sanctions package on Russia or open EU accession talks with Ukraine, follows the self-described “illiberal” leader’s repeated attempts to portray his former ally as a “puppet” of Kyiv and Brussels on the campaign trail.

Speaking to reporters on Monday, Magyar suggested, but didn’t confirm, that he will lift Budapest’s veto on the loan. But he also expressed confusion about why the scheme is blocked in the first place, given that Hungary has received an opt-out that means it is not financially liable…