Ukrainian President Volodymyr Zelensky recently met with European Commission President Ursula von der Leyen and European Council President António Costa ahead of an informal summit in Cyprus. The leaders welcomed the final approval of a substantial loan package for Ukraine, emphasizing the urgency of its implementation.
The agreement entails a €90 billion loan, with the first disbursement anticipated in the second quarter of 2026. Von der Leyen noted that one-third of the funds would address budgetary needs, while the remaining two-thirds would be allocated for defense purposes. She highlighted the initial focus on drone technology, stating, “I believe the first package will be drone-related—drones from Ukraine for Ukraine.”
Zelensky expressed the importance of expediting these funds to strengthen Ukraine’s military capabilities. He remarked, “This is crucial for us, and it will certainly enhance our army, Ukrainian forces, and allow us to increase the production of air defense systems while working more to protect our energy infrastructure during the winter.”
The €90 billion from the EU is expected to cover two-thirds of Ukraine’s financing needs for this year and the next. Following the trilateral meeting, EU officials issued a statement urging third countries to assist in addressing Ukraine’s financial gaps.
The leaders also celebrated the finalization of the 20th sanctions package against Russia and commended Ukraine’s progress toward EU membership, calling for the immediate opening of negotiation clusters that had previously been blocked by Hungarian Prime Minister Viktor Orbán.
Additionally, the EU reaffirmed its commitment to help Ukraine rebuild its energy infrastructure, which has been damaged by Russian attacks, in preparation for the upcoming winter. The statement acknowledged the recent passage of necessary legislation by the Ukrainian parliament to unlock further funding under the Ukraine Assistance Mechanism.
On April 23, the European Council unanimously approved changes to the EU’s multiannual budget to facilitate the €90 billion loan to Ukraine and the 20th sanctions package. This followed the approval by EU member state ambassadors on April 22.
In related developments, Zelensky announced that repairs on the Druzhba oil pipeline had been completed, indicating that it could soon resume operations. On April 21, he had discussions with von der Leyen and Costa regarding the unlocking of the loan.
Following recent parliamentary elections in Hungary, Tisza Party leader Péter Magyar indicated that he would lift Orbán’s veto on the €90 billion loan to Kyiv. However, he clarified that Hungary would not bear financial responsibility for this loan and remains opposed to Ukraine’s expedited EU accession.
Ukrainian President Volodymyr Zelensky met with EU leaders to discuss a €90 billion loan aimed at bolstering Ukraine's defense and budgetary needs. The agreement highlights the EU's ongoing support for Ukraine amidst its efforts for EU membership and recovery from Russian attacks.