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EU €90B loan to Ukraine and frozen Russian assets
Agreed Dec 2025· Treaty or event
FactTreaties, membership, measured data, events.
In December 2025 EU leaders agreed a €90 billion interest-free loan for Ukraine's 2026–27 needs, funded by joint EU borrowing.
See it on the Geopolitics map →The picture
The Commission wanted a 'reparations loan' backed by about €210 billion of immobilized Russian central-bank assets, most of them (about €185 billion) at Euroclear in Belgium. Belgium refused, fearing legal and financial retaliation, so 24 states agreed to borrow jointly instead; Hungary, Slovakia and the Czech Republic opted out. Ukraine repays only if Russia pays reparations, and the assets stay frozen until then. Orbán's Hungary blocked final approval until April 2026; about €45 billion is due to flow in 2026.
Why it matters
It covers much of Ukraine's budget and weapons gap as direct US aid fades, and makes Europe Ukraine's main financial backer.
Key facts and numbers
European Council conclusions of December 18–19, 2025, the April 2026 approval by EU ambassadors, and Commission disbursement plans.
What to watch
Whether the frozen assets will ever be used, whether Russia's lawsuits against Euroclear get anywhere, and what Ukraine will need after 2027.
Connections (2)
▸EU €90B loan to Ukraine and frozen Russian assets funds UkraineFact
The relationship
The €90 billion loan covers much of Ukraine's budget and defense needs for 2026–27, as direct US aid has largely given way to Europeans paying for US weapons. About €45 billion is planned for 2026: roughly €16.7 billion for the budget and €28.3 billion for military support.
Since when and why
Agreed by EU leaders in Brussels on December 18–19, 2025; approved by EU ambassadors on April 22, 2026, after Hungary lifted its veto.
How we know
European Council conclusions, Council legal acts and Commission disbursement statements are public.
What to watch
Whether €90 billion is enough if the war runs past 2027, and whether it is ever repaid, since repayment depends on Russian reparations.
▸EU €90B loan to Ukraine and frozen Russian assets keeps frozen the assets of RussiaFact
The relationship
Alongside the loan, the EU locked about €210 billion of Russian central-bank reserves in place indefinitely, instead of renewing the freeze every six months, and tied their release to Russia paying reparations to Ukraine. The money stays immobilized as leverage, though the plan to lend it directly was dropped.
Since when and why
Brussels, December 2025; most of the assets sit at Euroclear, a Belgian securities depository holding about €185 billion; Belgian Prime Minister Bart De Wever led resistance to using them.
How we know
Council decisions and Euroclear's financial reports document the frozen sums; Russia's central bank has sued Euroclear in a Moscow court.
What to watch
Disputed: Russia calls the freeze theft; the EU calls it a lawful countermeasure. Whether the assets are confiscated, returned or traded in a peace deal is open.