EU heads of state and government reaffirmed their continued financial support for war-torn Ukraine during their summit on Thursday. A loan worth EUR 45 billion should be completed by the end of the year. However, to achieve this, the sanction rules must be changed. Hungary has so far blocked moves in this direction.
The summit calls on EU foreign policy chief Josep Borrell and the European Commission to negotiate with Ukraine over the money the country needs for military spending and reconstruction. The EU share of a loan from the G7 countries is currently EUR 35 billion, but is expected to fall to EUR 20 billion. The Americans are demanding that the EU change its sanctions regime against Russia so that the frozen central bank funds from Moscow remain frozen for a longer period of time. The loan must be repaid from the income from these frozen assets.
If there is no unanimity, Kiev will have to repay
The statement emphasizes that Russian assets must remain frozen until Russia’s war of aggression ends and the damage is repaired. Currently, sanctions must be renewed every six months. This creates the risk that, in the absence of unanimity among the EU countries, the money will be released again and Ukraine will have to pay the repayment itself. Changing the sanction mechanisms can only be decided by unanimity.
In any case, Hungarian Prime Minister Viktor Orbán did not veto the summit statement. The summit statement on Ukraine further emphasizes that military support will be provided with “full respect for the security and defense policies of certain Member States” and that the security and defense interests of all states must be taken into account. This is especially important for neutral states like Austria.
EU Council President Charles Michel called for “more military and financial support for Ukraine, it is urgent.” The EU will continue to support Kiev “as long as necessary”. At the same time, the Union must accelerate its support. There should be no ambiguity in these messages. “Ukraine’s fate and future lie in the EU,” assured the Council President.
Zelenskiy: “We need help as soon as possible”
Ukrainian President Volodymyr Zelensky also attended the summit and promoted his “victory plan.” It is important that his country receives the promised 45 billion euros from the G7 states and the 35 billion euros from the EU “as quickly as possible” to close the gaps in military supplies, Zelenskiy said. He also urgently called for additional air defense capabilities and long-range weapons.
The Ukrainian head of state held separate talks on the issue with the leaders of the US, France, Germany and Italy. These countries must first reach an agreement among themselves on this issue. If Ukraine does not receive the desired support for its “victory plan” from its partners, “we will continue to fight,” the Ukrainian president said.
Source: Krone
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