Overview
- The two-year, interest-free package for 2026–27 will be raised on capital markets and guaranteed by the EU budget, with funds expected to reach Kyiv quickly.
- Leaders set aside the plan to leverage roughly €210 billion in frozen Russian central bank assets due to Belgium’s legal and retaliation concerns, including a lawsuit against Euroclear.
- The EU said Ukraine will start repayment only after Russia pays reparations, reserving the right to use immobilized Russian assets to service the loan in line with EU and international law.
- Hungary, Slovakia and Czechia secured opt-outs from bearing financial costs, clearing the path to unanimous approval under EU rules.
- Kyiv welcomed a crucial lifeline as the IMF estimates a €135–137 billion financing need for 2026–27, while Russian officials condemned the decision and threatened legal action.