Europe just made its biggest financial bet yet on Ukraine’s survival, and the bill is going straight to Moscow eventually, according to Hurriyet Daily News.
The European Parliament voted overwhelmingly Wednesday to approve a massive €90 billion loan for Ukraine, with 458 lawmakers supporting the measure against 140 opponents. The funds will cover roughly two-thirds of Kyiv’s financial needs through 2027 as the war grinds into its fifth year.
“Support for Ukraine rests on a small number of countries and most of it comes from Europe,” centrist lawmaker Nathalie Loiseau told colleagues before the vote. “It is our honor and it’s in our interest because our security is at stake.”
Here’s the deal’s clever twist: Ukraine doesn’t have to repay a cent until Russia compensates them for the destruction President Vladimir Putin’s invasion has caused. Given Moscow’s current stance, that could mean never. Meanwhile, Brussels will cover the roughly €3 billion annual interest costs from the EU’s common budget.
“This is Putin’s war. Make Russia pay,” declared Karin Karlsbro, the centrist lawmaker who shepherded the legislation through parliament.
Of the total loan, €60 billion can go directly toward purchasing desperately needed weapons to counter Russian forces. The remainder will shore up Ukraine’s general budget, keeping essential government services running.
The approval followed intense negotiations over where Ukraine can actually spend the money. France initially pushed to restrict purchases to EU-made weapons, while other nations argued for opening access to trusted partners like Britain, Canada, and Norway.
The compromise allows Ukraine to buy certain arms from non-EU countries if European manufacturers can’t deliver quickly enough, meaning American made Patriot air defense missiles are likely back on the shopping list.
There’s a catch for non-EU suppliers, though. Companies from allied countries like Britain can compete for contracts, but their governments must agree to cover a “fair and proportionate” share of the loan’s borrowing costs. Exact terms are still being hammered out.
The European Commission is pushing to get the first funds into Ukrainian hands by April, as member states finalized conditions last week. Four years into this war, Europe is doubling down.
