€90 billion for Ukraine released by EU members

European leaders agreed last night in Brussels to provide massive financial support to Ukraine, with the establishment of a joint loan of €90 billion to finance Ukraine's war effort for at least two years. The decision marks a strategic turning point, as Kiev was facing a budgetary impasse as early as the first quarter of 2026, but it also marks the temporary failure to reach a consensus on the use of Russian assets frozen in Europe.

Faced with the withdrawal of US financial support decided by President Donald Trump, the EU-27 found themselves forced to shoulder most of the aid to Ukraine. The agreement provides for a zero-interest loan, financed by the European Union budget, which Ukraine will only have to repay if Russia pays war reparations. Kiev's total needs are estimated at €137 billion over the coming period, with the EU committing to cover around two-thirds of this amount and the rest to be provided by other allies such as Norway and Canada.

However, the use of Russian central bank assets, frozen since 2022 and valued at around €210 billion, has not been unanimously supported. Despite the backing of several Member States, including Germany, the idea has met with strong resistance from Belgium, where the majority of these funds are located. Brussels demanded extensive guarantees against legal and financial risks and possible Russian reprisals, but failed to obtain the full support of its partners. In the absence of a compromise, the solution was shelved, at least temporarily.

German Chancellor Friedrich Merz acknowledged that the agreement was a strong political signal, saying it sent a message to Moscow that the war would not be profitable in the long term. Danish Prime Minister Mette Frederiksen emphasised the unprecedented nature of the European commitment, pointing out that it was exceptional to guarantee such a large sum to a third country over such a long period. French President Emmanuel Macron, for his part, considered that this step would ultimately pave the way for a resumption of dialogue with Moscow once hostilities had ended.

Volodymyr Zelensky, who was present in Brussels, welcomed the decision, which he considers a decisive boost to Ukraine's resilience. However, he reiterated the importance of keeping Russian assets frozen and continuing discussions on their possible future use. The Russian reaction was immediate, with a Kremlin envoy hailing it as a victory for law and common sense, while denouncing any attempt to use these funds in a way deemed illegitimate.

The agreement on the joint loan was approved by 27 Member States, but its operational implementation will only concern 24 Member States. Hungary, Slovakia and the Czech Republic, which are reluctant to provide direct financial support to Ukraine, will be exempt. Despite these limitations, European leaders expressed relief, believing they had kept their promise to guarantee Kiev's medium-term financial security, while fighting continues and diplomatic negotiations remain fragile. France 24

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