The European Union has approved a substantial loan of €90 billion to Ukraine, which is expected to cover approximately two-thirds of the country’s financial needs for the current and upcoming years. Ursula von der Leyen, President of the European Commission, announced that the first tranche of this funding will be disbursed in June.
Despite this significant support, von der Leyen emphasized that Ukraine still requires additional assistance to address the remaining one-third of its financial needs. She noted that this topic will be a focal point during the upcoming G7 summit, where leaders will discuss further support for Ukraine.
Ukrainian President Volodymyr Zelensky is set to participate in the summit, where discussions will also center on strategies to bring an end to the ongoing war. António Costa, President of the European Council, highlighted the prolonged nature of the conflict, stating that Russian aggression has now lasted longer than World War I.
“This is a tremendous challenge, and we understand that the fighting is becoming increasingly intense. The countries represented here at the G7 can contribute to achieving an agreement for lasting peace… Russia must realize that time is not on its side; delaying will not benefit them, and urgent negotiations for a fair and lasting peace must commence,” Costa remarked.
On April 23, the EU Council unanimously approved amendments to the multiannual budget, which are necessary for the allocation of the €90 billion loan to Ukraine, alongside the introduction of a 20th sanctions package against Russia.
The EU has approved a €90 billion loan to Ukraine, addressing two-thirds of its financial needs. Discussions at the G7 summit will focus on additional support and strategies to end the ongoing conflict.
Source: Radio Svoboda