After a meeting that lasted late into the night, European Union leaders agreed to provide Ukraine with a €90 billion loan for 2026-2027. The financing will be achieved through the issuance of common debt (Eurobonds) guaranteed by the EU budget, a preferred solution to overcome the political and financial impasse. Despite an initial proposal to use approximately €210 billion in Russian Central Bank assets frozen in the EU (mainly held at Euroclear in Belgium) as collateral or a direct source for the loan, the leaders decided not to use them at this stage. The assets will remain frozen indefinitely until Russia compensates Ukraine for war damages. The EU, however, reserved the right to use these funds in the future to repay the €90 billion loan.
