EU leaders agree on 90 billion-euro loan to Ukraine

BRUSSELS — European Union leaders agreed on Friday to provide a massive interest-free loan to Ukraine to meet its military and economic needs for the next two years, EU Council President Antonio Costa said, but they failed to agree to use frozen Russian assets to raise the funds.“We have a deal.

BRUSSELS — European Union leaders agreed on Friday to provide a massive interest-free loan to Ukraine to meet its military and economic needs for the next two years, EU Council President Antonio Costa said, but they failed to agree to use frozen Russian assets to raise the funds.

“We have a deal. Decision to provide 90 billion euros ($106 billion) of support to Ukraine for 2026-27 approved. We committed, we delivered,” Costa said in a post on social media. The money would be borrowed by the EU on capital markets and underwritten by the 27-nation bloc’s seven year budget.

French President Emmanuel Macron described the deal agreed as a major advance, saying this option “was the most realistic and practical way” to fund Ukraine and its war efforts. He added that the deal included a mechanism to protect three countries — Hungary, Slovakia and the Czech Republic — from any financial fallout.

German Chancellor Friedrich Merz also hailed the decision, which came after EU leaders worked deep into Thursday night to reassure Belgium that they would provide guarantees to protect it from Russian retaliation if it backed the loan for Ukraine.

“The financial package for Ukraine has been finalized,” Merz said in a statement, noting that “Ukraine is granted a zero-interest loan.”