EU Formally Approves €90bn Loan for Ukraine and 20th Sanctions Package Against Russia

In a significant move demonstrating continued solidarity with Ukraine, the European Union has formally greenlit a substantial €90 billion loan aimed at bolstering the nation's resilience and recovery. This financial commitment, coupled with the approval of the 20th package of sanctions against Russia, underscores the EU's unwavering strategy: strengthening Ukraine while intensifying pressure on Moscow.

The breakthrough came after Hungary withdrew its previous veto, allowing EU ambassadors to finalize the loan and sanctions package. European Council President Antonio Costa emphasized that this dual approach is central to the EU's pursuit of a "just and lasting peace" in Ukraine. The timing is particularly crucial, coinciding with Ukrainian President's arrival in Cyprus for a meeting with EU leaders.

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The EU's strategy to achieve a just and lasting peace in Ukraine rests on two pillars: strengthening Ukraine; increasing pressure on Russia. Today we moved forward on both.

This development is being hailed as a major boost for Ukraine's war economy, as highlighted by EU foreign policy chief Kaja Kallas. While Russia's economy faces increasing strain, Ukraine receives vital support through these measures. The EU's consistent backing, manifested through financial aid and punitive economic measures against Russia, signals a long-term commitment to supporting Ukraine's sovereignty and territorial integrity.

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Deadlock over. Russia's war economy is under growing strain, while Ukraine is getting a major boost.