European Union leaders decided Friday (December 19) to borrow cash to fund Ukraine's defense against Russia for the next two years rather than use frozen Russian assets, sidestepping divisions over an unprecedented plan to finance Kyiv with Russian sovereign cash.

Brussels

European Union leaders have approved a 90 billion euro (approximately $105 billion) loan for Ukraine to support its defence and economy over the next two years. The funding will come from joint EU borrowing, with Hungary, Slovakia, and the Czech Republic agreeing to the plan on the condition that it does not impact them financially.

The EU decided against using frozen Russian central bank assets for this support, citing legal and financial risks, particularly concerns raised by Belgium. Belgian Prime Minister Bart de Wever stated that the immobilised Russian assets will remain frozen and ultimately be used to repair damage caused by Russia's actions in Ukraine.

EU agrees $105 bln Ukraine loan, but won't use frozen Russian assets

Today we approved a decision to provide 90 billion euros to Ukraine. European Union leaders agreed Friday to provide Ukraine with a loan of 90 billion euros, or about 105 billion dollars. The money will help support Ukraine's defence and economy for the next two years. It will come from joint EU borrowing, backed by the bloc's budget. Hungary, Slovakia and the Czech Republic agreed to the plan, as long as it did not impact them financially. I think it's a bad decision. Hungarian leader Viktor Orban criticised the loan, saying it was lost money and would increase tensions with Moscow. The EU opted for a loan instead of the initial plan of using frozen Russian central bank assets. That idea faced many challenges, mainly from Belgium, where most of the frozen money is held. The country worried about legal and financial risks, if Russia fought back. But Belgian Prime Minister Bart de Wever's message was clear. The immobilised assets will be kept immobilised and will ultimately be used to repair the damage Russia has caused to its unprovoked and unjustified war against Ukraine. I think nobody in the European family wants to see that money returned to Moscow, but we're going to return to the original philosophy. It is going to be used to repair the damage that Russia has caused in Ukraine. Ukrainian President Volodymyr Zelensky had pushed for the EU to use Russian assets to keep Ukraine fighting. Before the loan deal, several EU leaders had said a two-year funding plan for the country was imperative. They also wanted to show unity, especially after recent comments from Donald Trump, calling Europe weak.

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