The reparation loan has been cancelled. What European funding has been approved for Ukraine?

President of Ukraine Volodymyr Zelenskyi and Chairman of the European Council Antonio Kosta during the meeting of the European Council on December 18 Photo by Getty Images

EU leaders approved for Ukraine an interest-free loan in the amount of €90 billion at the expense of the resources of the budget of the European Union. For what reasons was it not possible to reach an agreement on the reparation loan based on the blocked assets of the Russian Federation? What are the characteristics of an approved loan? When will Ukraine receive the funds? Forbes Ukraine found out the details directly during the summit of the European Council

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After several weeks of intense negotiations, the heads of the European Council and the European Commission, Antonio Costa and Ursula von der Leyen, announced on the night of December 19 that they would provide €90 billion to Ukraine for the period of 2026-2027. Funds will be provided on the basis of EU borrowings on the capital markets, secured by EU budget reserves.

Despite the resistance of Belgium and six other countries, on the eve of the session of the European Council, where the issue of financing Ukraine was to be decided, three high-ranking EU officials, who spoke to Forbes Ukraine on the condition of anonymity, had optimistic expectations about the reparation loan. But during the final negotiations, the initiative failed.