US EditionEU vows to bankroll Ukraine for next two years as it eyes Russian frozen assets
- On Thursday, the European Union will agree in principle to fund Ukraine for two years, with EU Council chief Antonio Costa saying, `We will take the political decision to ensure the financial needs of Ukraine for 2026 and 2027, including for the acquisition of military equipment.`
- Belgian Prime Minister Bart De Wever demanded EU members share legal and financial risks for a 140 billion euro loan backed by frozen Russian assets.
- The European Commission will be tasked to draft a formal legal proposal, while a senior official in Zelenskiy's administration said Kyiv needs funds by year-end with spending autonomy.
- On Thursday, European Union leaders approved a sanctions package banning Russian liquefied natural gas from January 2027 and targeting shadow tankers and two Chinese refineries, while the United States sanctioned major Russian oil firms on Wednesday.
- Russia described the plan as an illegal seizure and warned of retaliation, while an EU diplomat said many legal and political risks remain around the 'reparations loan' framing.
157 Articles
157 Articles
European Council tasks Commission with proposals on Ukraine financing using Russian assets for 2026-2027
The leaders of the European Union have reached an agreement on the issue of financing Ukraine for 2026-2027 using immobilized Russian assets, instructing the European Commission to provide specific proposals in a short time.
European leaders asked the Commission to explore Ukraine's financing modes for the next two years, leaving open the possibility of establishing a loan based on blocked Russian assets, according to the AFP.
The EU has committed to supporting Ukraine financially for the next two years. But on Thursday, they could not agree on using a controversial proposal to finance the support.
Due to Belgian opposition, European Union leaders did not approve a plan to use frozen Russian assets as collateral for a loan to Kiev.
Russian funds immobilized as a result of Western sanctions amount to approximately $341 billion (€210 billion).
Coverage Details
Bias Distribution
- 46% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
