European Council President Antonio Costa announced on Friday that European Union member states will allocate €90 billion ($105.5 billion) in financial assistance to
Ukraine, covering the years 2026 and 2027.
The announcement follows a plea on Wednesday from Ukrainian President Volodymyr Zelenskyy. He urged EU leaders and allies to intensify their support and reach a definitive decision on utilizing frozen Russian assets to aid Ukraine. Zelenskyy emphasized that sustained backing is vital for maintaining the nation’s resilience and deterring Russia from continuing its aggression into the coming year.
However, the proposal to use frozen assets faced hurdles. According to Reuters, Belgian Prime Minister Bart De Wever stated that his country requires "concrete guarantees" before supporting the use of Russian assets to fund loans for Kyiv, citing significant legal uncertainties and the risk of potential litigation.
Ultimately, EU leaders opted not to use the frozen Russian assets directly for this aid package. Instead, member states agreed to mobilize the funds through joint borrowing, backed by the European Union budget.
“Ukraine will only repay this loan once Russia has paid reparations,” Costa said in a statement. He further asserted, “The only solution is a ceasefire and peace negotiations. Our political and financial support for Ukraine will not waver.”
Under the "Ukraine Facility" and related frameworks, the EU has already delivered multiple tranches of financial aid. This includes approximately €6 billion in short-term funding and advances to help Kyiv meet urgent budgetary demands. Additionally, Ukraine received an €18.1 billion loan earlier this year under a G7-led initiative.
This latest agreement secures Ukraine’s financial footing while highlighting Europe’s broader effort to influence U.S.-led peace talks aimed at ending the conflict. Since the full-scale invasion began in 2022, total EU support for Kyiv is reported to have exceeded €187 billion.
European Council President Antonio Costa announced on Friday that European Union member states will allocate €90 billion ($105.5 billion) in financial assistance to
Ukraine, covering the years 2026 and 2027.
The announcement follows a plea on Wednesday from Ukrainian President Volodymyr Zelenskyy. He urged EU leaders and allies to intensify their support and reach a definitive decision on utilizing frozen Russian assets to aid Ukraine. Zelenskyy emphasized that sustained backing is vital for maintaining the nation’s resilience and deterring Russia from continuing its aggression into the coming year.
However, the proposal to use frozen assets faced hurdles. According to Reuters, Belgian Prime Minister Bart De Wever stated that his country requires "concrete guarantees" before supporting the use of Russian assets to fund loans for Kyiv, citing significant legal uncertainties and the risk of potential litigation.
Ultimately, EU leaders opted not to use the frozen Russian assets directly for this aid package. Instead, member states agreed to mobilize the funds through joint borrowing, backed by the European Union budget.
“Ukraine will only repay this loan once Russia has paid reparations,” Costa said in a statement. He further asserted, “The only solution is a ceasefire and peace negotiations. Our political and financial support for Ukraine will not waver.”
Under the "Ukraine Facility" and related frameworks, the EU has already delivered multiple tranches of financial aid. This includes approximately €6 billion in short-term funding and advances to help Kyiv meet urgent budgetary demands. Additionally, Ukraine received an €18.1 billion loan earlier this year under a G7-led initiative.
This latest agreement secures Ukraine’s financial footing while highlighting Europe’s broader effort to influence U.S.-led peace talks aimed at ending the conflict. Since the full-scale invasion began in 2022, total EU support for Kyiv is reported to have exceeded €187 billion.
Comments
Post a Comment