Cyprus Presidency secures agreement on legal framework to provide €90 billion in financial support to Ukraine
The Council today, led by the Cyprus Presidency, agreed its position on the legal framework implementing the European Council agreement to provide a €90 billion loan to Ukraine for the years 2026-2027.
The Council now aims for a speedy agreement with the European Parliament to allow the first payment to be disbursed early in the second quarter of this year.
The Ukraine support loan will help Ukraine address its urgent financing needs as Russia continues its war of aggression. To that end, it will specifically aim to support Ukraine’s general budget and defence needs.
"Today’s agreement shows that the EU continues to act decisively in support of Ukraine and its people. The new financing will help ensure the country’s fierce resilience in the face of Russian aggression. At the same time, we are sending a strong signal that the sovereignty and territorial integrity of states must be fully respected, in accordance with international law. Together with the European Parliament, I look forward to finalising the legal texts that will allow these loans to be disbursed."
As also agreed by the European Council, the loan will be financed through EU borrowing on the capital markets and will be backed by the EU budget. The loans will become repayable only once Russia has paid war reparations to Ukraine. Furthermore, the financing will help strengthen the European and Ukrainian defence industries.Today’s decision was taken through the enhanced cooperation procedure with the participation of 24 member states.
Find more information on the official website of the Council of the EU.
