Hungary has blocked a €90 billion EU loan to Ukraine, just days before the fourth anniversary of Russia’s full-scale invasion.

Axar.az, citing Financial Times, reports that the loan, agreed by EU leaders in December to help Kyiv cover a looming budget gap, requires unanimity among all 27 EU member states, but the Hungarian ambassador to the EU vetoed the measure.

An IMF program worth €8 billion, currently under negotiation, is also contingent on Ukraine receiving the EU loan and could be jeopardized by Hungary’s objection.

The move comes ahead of Hungary’s April elections, where Prime Minister Viktor Orban faces a strong challenge from the opposition Tisza Party. Orban has intensified anti-Ukraine rhetoric, blaming Kyiv for halting oil flows via the Druzhba pipeline and using state media to argue that EU funds to Ukraine are harming Hungarian taxpayers.

Without the EU loan, Ukraine risks financial collapse in the second quarter.