BRUSSELS: German Chancellor Friedrich Merz said the European Union will provide Ukraine with an interest-free loan of 90 billion euro, but r...
BRUSSELS: German Chancellor Friedrich Merz said the European Union will provide Ukraine with an interest-free loan of 90 billion euro, but reserves the right to use Russian assets in the future.
In his words, the money will be enough to cover Ukraine’s military and budget needs for the next two years.
At the same time, he said that "the Russian frozen assets will remain blocked until Russia has paid reparations to Ukraine."
"Ukraine will have to pay back the loan only after Russia has paid reparations. And we make it very clear: If Russia does not pay reparations we will — in full accordance with international law — make use of Russian immobilized assets for paying back the loan," Merz added.
According to him, the funds will be available no later than in the second half of January. Ukraine will need the money approximately in April or May, because the Kiev government has sufficient funds for the first quarter of 2026.
Russian President Vladimir Putin previously described the proposed confiscation as an act of theft, while Russian Justice Minister Konstantin Chuichenko told TASS that the country’s leadership has already been presented with options for responding to a potential seizure of Russian assets by Western nations.
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