The European Parliament has approved a substantial €90 billion loan package for Ukraine, marking the largest financial aid commitment to the country to date. Ukraine is expected to receive the first installment in April.
“Without European support, Ukraine risks running out of funds for its defense as early as this spring. This would be a severe blow not only to Ukraine, but also to our collective security. Ukraine is currently fighting for all of us,”
European Parliament Member Inese Vaidere emphasized. She noted that international estimates suggest Ukraine requires at least €135 billion in the coming years to cover its military and budgetary needs. “These €90 billion are crucial for Ukraine to hold its ground. However, we must recognize that this alone will not be enough. Support must be long-term and stable.”
Interest payments on the loan will be covered by the European Union budget. “Member states will not receive additional bills. The costs of servicing the debt will be covered by a special instrument already existing within the EU’s multi-year budget,” Vaidere explained. The aid package comes as Ukraine continues to face significant economic challenges amid the ongoing conflict with Russia, and highlights the EU’s commitment to bolstering Ukraine’s financial stability.
Vaidere expressed regret that the loan is currently being financed by borrowing from international financial markets and guaranteeing the loans with the EU’s multi-year budget, rather than utilizing frozen Russian assets. “Approximately €210 billion of Russian Central Bank assets are currently frozen within the European Union. It would be morally right to use these funds for Ukraine’s benefit now, but Belgium did not agree to the proposed plan due to conflicting interests.”
“However, the aggressor state will not be able to avoid covering the damage caused indefinitely, and these funds will eventually reach Ukraine. The loan terms approved today also stipulate that the Union has the right to use immobilized Russian assets, in accordance with international law. The frozen assets will not be returned to Russia until it pays reparations, but Russia has already stated that it will not pay reparations. We must not allow everything to be forgotten after the war and the aggressor to evade responsibility,” Vaidere stated.
Vaidere also noted that the aid is contingent upon clear conditions. “Ukraine must continue to uphold the principles of democracy, the rule of law, and human rights. If there are serious violations, the disbursement of the loan may be suspended. Oversight will be strict.”
The parliamentarian criticized the decision by Hungary, Slovakia, and the Czech Republic to abstain from participating in the loan. “This demonstrates a lack of solidarity at a time when unity is crucial. It is particularly tough to understand this attitude from countries that border Ukraine. Europe is strong only when we stand together.”
“This loan is an investment in European security. We in the European Parliament have made it clear – we will help Ukraine for as long as it takes,” Vaidere concluded.
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