Zelenskyy Welcomes €90 Billion EU Lifeline Amid War with Russia

"Thank you to all the leaders of the European Union for the European Council's decision regarding financial support for Ukraine in the amount of 90 billion euros in 2026-2027. This is significant support that truly strengthens our resilience," Zelenskyy said, adding that it is important that Russian assets remain immobilised and that Ukraine has received financial security guarantees for the coming years. "Together we are protecting the future of our continent," he said.

European Council President Antonio Costa announced the decision following hours of talks in Brussels. "We have a deal. The decision to provide 90 billion euros of support to Ukraine for 2026-27 was approved. We committed, we delivered," Costa wrote on X.

The package will be provided as an interest-free loan, financed through European Union borrowing on the capital markets.

Former German Chancellor Olaf Scholz said the move sent a strong signal to Moscow. "This war will not be worth it. We will keep Russian assets frozen until Russia has compensated Ukraine," he said.

European Commission President Ursula von der Leyen said the agreement was reached after focused discussions among EU leaders. "We gathered today with a clear objective: to address Ukraine's pressing financing needs. We delivered. Ninety billion euros for the next two years through EU borrowing on the capital markets," she said.

The decision followed a meeting between Zelenskyy and European leaders in Brussels, where he made a last-minute appeal for the EU to tap frozen Russian assets to support Ukraine's war effort and economy. "The decision is now on your table," Zelenskyy said earlier, calling it "one of the clearest and most morally justified decisions that could ever be made."

The EU also asked the European Commission to continue exploring a reparations loan using frozen Russian assets, but the plan is not possible for now, mainly because Belgium, where most of the money is held, had opposed the use of frozen assets for months due to legal risks, prompting Zelenskyy to hold talks with Belgian Prime Minister Bart De Wever. The EU also confirmed that 210 billion euros of Russian assets in Europe will remain frozen until Russia pays war reparations to Ukraine. If Russia ever does pay, Ukraine could use that money to repay the EU loan.

In a post on X, Zelenskyy said they discussed mechanisms for using frozen Russian assets, coordination between Europe and the United States, Ukraine's future EU membership, support for Ukraine's energy system and reconstruction.

As European leaders prepared to meet, Russian President Vladimir Putin criticised them as "subordinate little pigs", accusing them of following the Biden administration's approach toward Russia, according to The New York Times. Putin said relations with Europe were unlikely to improve unless current leaders were replaced.

Zelenskyy also said discussions with the United States on a potential settlement remain unresolved, including issues related to the Zaporizhzhya nuclear power plant and Russia's demand that Ukraine withdraw from territory it controls in the Donbas region.

- ANI