Zelenskyy welcomes 90 billion euros in EU support, says Russian assets must remain frozen

KYIV: Ukrainian President Volodymyr Zelenskyy on Friday welcomed the European Union’s decision to provide 90 billion euros in financial support to Ukraine for 2026-27, calling it “significant support” in strengthening the country’s resilience amid the ongoing war with Russia.

“Thank you to all the leaders of the European Union for the European Council’s decision regarding financial support for Ukraine in the amount of 90 billion euros in 2026-2027. This is significant support that truly strengthens our resilience,” Zelenskyy said, adding that it is important that Russian assets remain immobilized and that Ukraine has received financial security guarantees for the coming years. “Together we are protecting the future of our continent,” he said.

European Council President Antonio Costa announced the decision following hours of talks in Brussels. “We have a deal. The decision to provide 90 billion euros of support to Ukraine for 2026-27 was approved. We committed, we delivered,” Costa wrote on X.

The package will be provided as an interest-free loan, financed through European Union borrowing on the capital markets.

Former German Chancellor Olaf Scholz said the move sent a strong signal to Moscow. “This war will not be worth it. We will keep Russian assets frozen until Russia has compensated Ukraine,” he said.

European Commission President Ursula von der Leyen said the agreement was reached after focused discussions among EU leaders. “We gathered today with a clear objective: to address Ukraine’s pressing financing needs. We delivered. Ninety billion euros for the next two years through EU borrowing on the capital markets,” she said.

The decision followed a meeting between Zelenskyy and European leaders in Brussels, where he made a last-minute appeal for the EU to tap frozen Russian assets to support Ukraine’s war effort and economy. “The decision is now on your table,” Zelenskyy said earlier, calling it “one of the clearest and most morally justified decisions that could ever be made.”

The EU also asked the European Commission to continue exploring a reparations loan using frozen Russian assets, but the plan is not possible for now, mainly because Belgium, where most of the money is held, had opposed the use of frozen assets for months due to legal risks, prompting Zelenskyy to hold talks with Belgian Prime Minister Bart De Wever. (ANI)

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