EU approves EUR 90 billion in financial support for Ukraine - Costa

The European Union has officially approved a large-scale package of financial support for Ukraine worth EUR 90 billion. This was reported by European Council President Antonio Costa on the social network X.

According to him, the leaders of the summit countries reached a consensus, fully confirming and fulfilling their previous commitments.

"We have agreed. The decision to provide Ukraine with EUR 90 billion in support for 2026-2027 has been adopted. We have made commitments and fulfilled them," he wrote.

After the summit, Antonio Costa explained the details: Ukraine will receive a EUR 90 billion loan secured by the EU budget. It is important that the obligations to repay this loan are postponed until Ukraine receives russian reparations.

"In October, we decided that the European Union would cover Ukraine's urgent financial needs for 2026 and 2027. Last week, we decided that russia would not return its assets until Moscow stops its aggression. Today, we approved a decision to provide Ukraine with EUR 90 billion for the next two years. We will provide an urgent loan, backed by the European Union budget. This will meet Ukraine's urgent financial needs, and Ukraine will repay this loan only after russia pays reparations. The Union reserves the right to use blocked assets to repay this loan."

Costa also added that EU leaders have given the European Commission a mandate to further develop a "reparations loan" mechanism. The basis of this model is the use of profits from frozen russian assets.

"In addition, we agreed to extend our sanctions against russia. Our goal is not to prolong the war. In fact, today's decisions are a decisive contribution to achieving a just and lasting peace in Ukraine. Because the only way to bring russia to the negotiating table is to strengthen Ukraine. Today's decisions will provide Ukraine with the necessary means to defend itself and support the Ukrainian people," the President of the European Council noted.

As Ukrainian News Agency earlier reported, on December 16, Polish Prime Minister Donald Tusk expressed deep pessimism about the rapid transfer of frozen russian assets to Ukraine.

As we will recall, on December 12, European Foreign Minister Kaja Kallas stated that the European Union had approved a new procedure that provides for the long-term freezing of russian assets.