Putin’s pain: The walls are closing in on Russia

April 27, 2026 — 11:58am

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The European Union has finally, after months of wrangling, unlocked a major funding package for Ukraine. Simultaneously, it has also added to its sanctions on Russia, in the process upsetting China, which has retaliated.

Viktor Orbán’s recent election loss and the recent opening of the Druzhba oil pipeline from Russia to Eastern Europe – a point of contention for Hungary and Slovakia and a contributor to Hungary’s previous frustration of attempts to provide financial aid to Ukraine – cleared the way for the EU to approve a €90 billion ($147.5 billion) loan to Ukraine last week.

The majority of the loan, to be delivered over two years, will be to fund Ukraine’s defence spending, enabling it to buy more air defence systems and expand its production of drones, removing concerns that a domestic financial crisis might undermine its ability to sustain its war efforts.

Until the pro-Russia Orbán lost the election and the pipeline (damaged earlier in the war) was re-opened, Hungary had been the major stumbling block to European attempts to provide financial assistance to Ukraine, using frozen Russian central bank funds as collateral for a loan.

Trump’s war is a clear and present danger to your future

The Europeans are well aware that, with the withdrawal of support for Ukraine by a Trump administration that appears to favour Russia, the fate of the war, and potentially Europe’s own security, hinges on Ukraine’s ability to sustain its defence and the EU’s efforts to constrain Russia’s ability to wage war.

With the announcement of the funding package, the EU also unveiled its 20th round of sanctions on Russia, listing 120 more individuals and entities.

While the new sanctions include an extension of the list of usual suspects – Russian energy producers, its “shadow fleet” of oil tankers and Russian banks – it also includes entities in third........

© Brisbane Times