Hungary's veto of a €90 billion EU loan is a major factor in the emergency. It has also complicated access to aid from the International Monetary Fund (IMF) and reduced deliveries from NATO allies.
At the same time, Russia's war chest is being replenished by the energy price shock and by relaxed US sanctions on Russian oil exports as a result of the Iran war.
Disbursements from the new EU loan were supposed to start in April, according to a deal reached in December. But Hungary has blocked them until bombed oil pipelines from Russia to Hungary - via Ukraine - are reopened.
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