Ukraine-Russia war latest: EU agrees to loan Kyiv €90bn and reserves right to use frozen Russian assets
The EU has agreed to provide a massive €90bn interest-free loan to Ukraine, after talks in Brussels went deep into the night before finally achieving a breakthrough.
EU Council president Antonio Costa said the loan would meet the war-hit nation’s military and economic needs for the next two years.
European leaders did not immediately explain how the loan would be funded but said Ukraine would not have to pay the money back until Russia pays it reparations for the damage caused by Vladimir Putin’s invasion.
And they reserved the right to use £185bn in frozen Russian assets to cover the loan if Moscow refuses to pay those reparations after the war.
Negotiators worked late into the night to reassure Belgium that they would provide guarantees to protect it from Russian retaliation if it backed the loan for Ukraine. Most of Russia’s frozen assets are held in Brussels.
Putin lashed out at European leaders on the eve of the funding summit, calling them “little pigs”, while Russia has called any attempt to use its frozen assets as “theft”.
