Ninety billion euros for Ukraine: a good compromise?
The EU member states have agreed on an interim solution in the dispute over a loan to Ukraine. Kyiv will receive an interest-free loan of 90 billion euros to continue its defence efforts against the Russian attack, however, the frozen Russian assets will not be used to finance it for the time being, although the option remains open for the future. Europe's press takes stock.
A bitter blow for Merz and von der Leyen
News247 comments:
“Ukraine had warned that it could become insolvent in early 2026 if it didn't receive additional support. EU leaders had committed not to leave the meeting in Brussels without agreeing on some form of financial assistance. ... The decision that the EU will now take out loans secured by European taxpayers' money instead of using Russian funds for this purpose comes as a political blow to German Chancellor Friedrich Merz and EU Commission President Ursula von der Leyen, who had pushed for the reparations loans and tried to persuade Belgian Prime Minister Bart De Wever to withdraw his objections.”
Right that we shoulder this burden ourselves
La Stampa considers it right that the EU has ultimately decided to finance the loan itself:
“The belief that peace and the restoration of order in Europe are of inestimable value, and that we have been left alone in this conflict when it comes to preserving non‑negotiable values such as peace and freedom, is a good argument – if it is meant sincerely – for paying this price from our own resources rather than with those of others, even if they belong to the enemy. This is not a recognition of Russia's reasoning but a full assumption of political responsibility towards Europe's citizens.”
Also a signal to Moscow
Polityka hopes that this has also clarified relations with Russia:
“A formal confiscation of Russian assets has been avoided, but this is an interest‑free loan only in name. In practice, it amounts to 90 billion euros in non‑repayable aid for Kyiv (in tranches to be paid out in 2026–27), which in theory is to be offset in a reparations agreement with Russia, which, however, no one expects to materialise in the foreseeable future. ... The political advantage of such a reparations loan over other financial instruments also lies in the fact that Europe thus imposes irreversible losses on Russia, which would for a long time slow any attempts to normalise relations with Moscow without a prior peace with Ukraine.”
EU lacks a sense of crisis
Aftonbladet finds the decision worrying:
“This is both good and bad news. Good because Ukraine urgently needs the money. Bad because no agreement could be reached on the use of frozen Russian assets. And worrying because it shows that Europe still lacks a sense of crisis. ... However, yesterday's negotiations reveal more than just a lack of crisis awareness. There seems to be a certain amount of war weariness among the EU leaders at the negotiating table. This is shameful, because the war in Ukraine rages on and the Ukrainian people are suffering.”
So much power, so much hesitation
The debate about the frozen Russian funds is a pure waste of time, writes Ukrainian MP Mykola Kniazhytskyi on Facebook:
“It is difficult to understand why we are spending so much time and energy on the question of frozen assets. It is obvious that the European Union is an economic superpower, capable of financing Ukraine for decades without even noticing it. ... However, the long lack of progress once again underscores how urgently the EU must adapt to the reality of today's Europe.”