EU to Provide €90 Billion Loan to Ukraine

European Union leaders have reached an agreement to provide Ukraine with a €90 billion loan after failing to form a unified stance on the use of frozen Russian assets. This was reported by the BBC.

The agreement was made during an EU summit in Brussels, following more than a day of intensive negotiations. According to EU leaders, the deal will ensure that Ukraine’s military and economic needs are met over the next two years.

European Commission President Antonio Costa stated that the loan will be backed by guarantees from the EU's general budget.

Previously, Ukrainian President Volodymyr Zelensky had called for the use of approximately €200 billion in frozen Russian assets to support Kyiv. However, Belgium, where most of these funds are held, demanded a clear mechanism for accountability, which EU member states were unable to agree upon.