Leaders from the European Union's 27 member states convened in Cyprus on Thursday to address the bloc's geopolitical challenges, including the wars in Iran and Ukraine. The two-day talks commenced with the approval of a long-discussed €90 billion ($105 billion) loan to Ukraine and agreement on additional sanctions against Russia.
European Council President Antonio Costa stated on X that the EU's strategy for a just and lasting peace in Ukraine rests on two pillars: strengthening Ukraine and increasing pressure on Russia. "Today we moved forward on both," he claimed.
The loan had been delayed due to opposition from outgoing Hungarian Prime Minister Viktor Orbán, who was not expected to travel to Cyprus. Preliminary approval was granted on Wednesday.
Ukrainian President Volodymyr Zelenskyy is scheduled to join leaders in Ayia Napa on Thursday to discuss Russia's war. He is expected to reiterate Kyiv's desire to join the EU and urge the bloc to intensify pressure on Russia.
On Friday in Nicosia, European leaders will be joined by Lebanese President Joseph Aoun, Egyptian President Abdel Fattah al-Sisi, Syrian President Ahmed al-Sharaa, and Jordanian Crown Prince Hussein bin Abdullah. They will discuss the situation in Lebanon, where a 10-day ceasefire between Israel and the Iran-backed Hezbollah is in place.
Iran's effective closure of the Strait of Hormuz has sent energy prices soaring and sparked fears of a jet fuel shortage in Europe. About 20% of the EU's jet fuel consumption relies on imports via this key waterway. A senior EU official cited by AFP said the bloc is "ready to contribute" to keeping the strait open "when the conditions are met."
On Friday, leaders will also discuss the bloc's long-term budget for 2028-2034 for the first time. The EU executive wants a larger budget worth around €2 trillion ($2.3 trillion). A major challenge is financing goals like boosting competitiveness and defense capabilities amid funding shortfalls in many member states. A final agreement is hoped for by end of 2026.
Source: www.dw.com