💶 This Friday in Brussels, EU leaders agreed to borrow 90 billion euros from the EU budget to loan to Ukraine over the next two years. It’s like giving Kyiv a major power-up in its defense game against Russia’s invasion. ⚔️
Instead of dipping into the 210 billion euros of frozen Russian assets, the EU will raise cash on the markets. This plan, once opposed by Hungary’s Prime Minister Viktor Orban, secured approval after Hungary, Slovakia and the Czech Republic got assurances it won’t hit their national budgets.
Because EU rules require unanimity for such borrowing, overcoming initial resistance was a big win. The agreement shows how solidarity can triumph when member states find common ground.
The European Commission also received a mandate to keep working on a so-called reparations loan based on Russian immobilized assets. However, this option is on ice for now due to resistance in Belgium, which holds the bulk of those funds.
Leaders reaffirmed that the 210 billion euros of Russian assets will stay frozen until Moscow pays reparations to Ukraine. If that happens, Ukraine could use the Russian funds to repay the EU loan.
For now, the budget-backed loan ensures Ukraine gets the urgent support it needs. 🌍✌️
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EU agrees 90-bn-euro loan for Ukraine, won't use frozen Russian assets
cgtn.com
