Overview
- Leaders signed off on a two-year, €90 billion package of joint-borrowed, no-interest loans intended to keep Ukraine fiscally solvent in 2026–27.
- A proposal to use roughly €210 billion in frozen Russian central bank assets failed to win consensus after legal and financial objections led by Belgium and Italy.
- The loan is structured for repayment from future Russian reparations or proceeds from frozen assets, with officials saying the link to immobilized funds remains in place.
- Hungary, Slovakia and the Czech Republic opted out of the joint borrowing, underscoring limits to collective financing as future packages are debated.
- Analysts warn the package may only cover about a year of Ukraine’s needs and cite IMF projections of a two‑year shortfall near $160 billion, while reactions ranged from praise by Belgium’s prime minister to criticism from French MEP Thierry Mariani.