"European Union leaders agreed on Friday to provide a massive interest-free loan to Ukraine to meet its military and economic needs for the next two years, but they failed to bridge differences with Belgium that would have allowed them to use frozen Russian assets to raise the funds. After almost four years of war, the International Monetary Fund estimates that Ukraine will need 137 billion euros ($161 billion) in 2026 and 2027."
"The government in Kyiv is on the verge of bankruptcy, and desperately needs the money by spring. The plan had been to use some of the 210 billion euros ($246 billion) worth of Russian assets that are frozen in Europe, mostly in Belgium. The leaders worked deep into Thursday night to reassure Belgium that they would protect it from any Russian retaliation if it backed the "reparations loan" plan but in the end the leaders did not use that option."
""We have a deal. Decision to provide 90 billion euros ($106 billion) of support to Ukraine for 2026-27 approved. We committed, we delivered," EU Council President Antonio Costa said in a post on social media. Not all countries agreed to the loan package. Hungary, Slovakia and the Czech Republic refuse to support Ukraine and opposed it, but a deal was reached in which they did not block the package and were promised protection from any financial fallout."
European Union leaders approved a 90 billion euro interest-free loan package to support Ukraine in 2026–27 to address military and economic needs. Belgium blocked use of frozen Russian assets amid concerns about retaliation, so the EU opted to raise funds on capital markets instead. The International Monetary Fund projects Ukraine will need 137 billion euros in 2026 and 2027, and Kyiv urgently needs funds by spring to avoid bankruptcy. Hungary, Slovakia and the Czech Republic opposed the package but did not veto it and were assured protection from potential financial fallout.
Read at www.npr.org
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