The Event Horizon Telescope (EHT) is a ground-based array of Very Long Baseline Interferometry (VLBI) telescopes designed to image the event horizon of black holes. To overcome its limitations, this study explores a mission concept involving a two-satellite constellation of VLBI telescopes deployed in Medium Earth Orbit (MEO). Achieving high-resolution black hole images requires precise baseline determination at the millimetre level. To address this challenge, each satellite in the constellation is equipped with two Global Navigation Satellite System (GNSS) receivers and an optical Intersatellite Link (ISL) to enhance orbit determination. The results highlight the importance of integer ambiguity resolution and reveal that the ISL primarily improves baseline estimation along the link direction, with minimal impact along the black hole direction. Large intersatellite distances lead to sub-optimal relative orbit accuracy, challenging the attainment of the 3.5 mm relative position accuracy goal along the black hole direction.