EU approves $105B loan to Ukraine to aid in war against Russia
The European Union formally approved on Thursday a 90-billion-euro ($105-billion) loan to Ukraine and new sanctions against Russia, ahead of an informal summit of the bloc’s leaders in Cyprus which Ukrainian President Volodymyr Zelensky will attend.The loan is set to cover two-thirds of Ukraine’s needs for the next two years.Economists had said Ukraine would start to run out of money by June if the EU loan was not disbursed by then, requiring deep cuts to public services.“We are on our way to Cyprus with good news,” European Commission chief Ursula von der Leyen said.“While Russia doubles down on its aggression, we are doubling down on our support to the braveUkrainian nation enabling Ukraine to defend itself and putting pressure on Russia’s war economy.”EU ambassadors had already approved the loan and the sanctions package on Wednesday after Hungary lifted its veto, paving the way for Thursday’s formal approval.“This package will strengthen our army, make Ukraine more resilient, and enable us to fulfill our social obligations to Ukrainians, as set out in law,” Zelensky said on X as he arrived in Cyprus, where he will have dinner with the EU leaders.“During meetings in Cyprus, we will also discuss with partners further sanctions pressure on Russia over this war.
The 20th package has been unblocked, and it must be followed by other sanctions steps.”Only half of the 90 billion euros will be disbursed to Ukraine this year, with the remainder coming in 2027.The bulk of the loan is earmarked for military spending, with around 17 billion euros each year destined for general budget needs such as health and education.Morning Report delivers the latest news, videos, photos and more.
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Never miss a story.The approval of the loan, which had been delayed by several months due to a veto by EU member Hun...