BRUSSELS - Hungary, the Czech Republic and Slovakia have refused to participate in the EU's €90 billion loan to Ukraine planned for 2026-2027, according to a document published on the EU Council website.
„Today's decision was taken through an enhanced cooperation procedure involving 24 Member States,“ the document states.
The EU Council specified that €30 billion of these funds will be used to finance the Ukrainian state budget and €60 billion will be used to purchase weapons. The European Commission will pay the interest on the loan from the EU budget.
„In order to ensure the most favourable terms of the loan and to preserve the sustainability of Ukraine's debt, it is planned that the interest costs of the loan will be covered by the EU budget. This will not affect the budgetary contributions of the Czech Republic, Hungary and Slovakia, which have decided not to participate in the enhanced cooperation,“ the document states.
According to other information, this is one of the largest financial packages the EU has prepared for Ukraine since the beginning of the conflict. Euronews reported that the loan is intended to help stabilise the country's public finances while strengthening its defence capabilities during the ongoing war with Russia. The EU plans to raise the necessary funds through joint borrowing on the financial markets, with the EU budget as a guarantee.
As Euronews reported, the 90 billion euro package represents about two-thirds of Ukraine's expected financing needs for the period 2026-2027. The International Monetary Fund estimates that Kiev will need more than 135 billion euros of foreign aid in that period. The remaining funds should be provided mainly by the G7 countries and other international partners.
At the same time, the EU Council's Consilium server pointed out that the financing mechanism assumes the long-term stability of Ukraine's debt. According to the published information, the repayment of the loan will depend heavily on post-war developments and possible reparations from Russia. The agreement also includes a condition for continued reforms, in particular in the fight against corruption and the strengthening of transparency in public finances.
Another important element of the programme is military cooperation. Euronews pointed out that military equipment should preferably be procured from manufacturers in the European Union, Ukraine or European partner states. However, if the necessary systems are not available, Ukraine will also be able to purchase weapons on non-EU markets, such as the United States or the United Kingdom.
According to The Brussels Times, the European Parliament is now fast-tracking the final legislation to allow for the launch of financial assistance as early as 2026, as the European institutions seek to speed up the approval process to ensure Ukraine's long-term funding in the ongoing conflict.
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