STRASBOURG, France: The EU parliament on Wednesday approved a 90-billion-euro loan for Ukraine, providing a financial lifeline to cash-strapped Kyiv four years into Russia´s invasion.
Lawmakers voted by 458 to 140 in favour of the loan, intended to cover two-thirds of Ukraine´s financial needs for 2026 and 2027 and backed by the EU´s common budget -- after plans to tap frozen Russian central bank assets fell by the wayside.
“Support for Ukraine rests on a small number of countries and most if it comes from Europe,” centrist lawmaker Nathalie Loiseau said ahead of the vote.
“It is our honour -- and it´s in our interest because our security is at stake,” she said.
Under the scheme, Ukraine will be able to spend 60 billion euros of the loan on desperately-needed weapons to fight off Russia´s invasion, with the rest earmarked for general budget support.
The EU has said Ukraine would only need to pay back the money once Moscow coughs up for the damages President Vladimir Putin´s invasion has wrought.
Brussels will cover interest costs, expected to hover around three billion euros per year, through the EU budget.
“This is Putin´s war. Make Russia pay,” Karin Karlsbro, the centrist lawmaker steering the file through parliament, told lawmakers.
Member states reached a deal last week on the conditions for the loan, paving the way for Kyiv to get the funds it needs in the coming months.
