EU approves €90bn in aid for Ukraine

The European Union summit has approved a decision on joint borrowing to provide Ukraine with €90 billion in support.

Source: President of the European Council António Costa; German Chancellor Friedrich Merz, as reported by European Pravda

Details: The decision was adopted after the EU abandoned the option of a "reparations loan", which had been under discussion for a long time beforehand.

Quote from Costa: "We have a deal. Decision to provide EUR 90 billion of support to Ukraine for 2026-27 approved. We committed, we delivered."

Details: Costa did not specify the financing scheme used, but as reported by European Pravda, the approved option envisages joint borrowing by the European Union, and this decision required unanimous support.

Friedrich Merz specified that the funds will also be directed to meet Ukraine's military needs.

He noted that this amount will be sufficient to cover Ukraine's military and budgetary needs for the next two years and called it a decisive signal for ending the war, as Kremlin leader Vladimir Putin will only make concessions when he realises that his war will not bring him any benefit.

Background:

• Earlier, European Pravda reported that the EU summit had reached an impasse on the reparations loan and had to switch to plan B, which ultimately worked. António Costa had promised that the leaders would not leave the summit without a decision on funding for Ukraine.
• Costa said that European leaders will not leave the summit without a decision on funding for Ukraine.