Why 90 billion euros for Ukraine is a "not-quite-victory".

Last night, the EU agreed on 90 billion euros for Ukraine for 2026-2027 (in general, I'm always suspicious of decisions made at night – forgive my skepticism).

This money is not a grant, but a loan that Ukraine must repay. Yes, it's interest-free. But it's still a debt.

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Why Ukraine isn't getting a loan backed by Russian assets – in simple terms

Funding enables:

  • to pay for important government expenditures;
  • maintain the Armed Forces of Ukraine at an appropriate level;
  • to maintain critical infrastructure.

This is important because a large financial gap could have awaited us from March. Ukraine remains heavily dependent on external borrowing.

These funds represent only two-thirds of Ukraine's actual financial needs for 2026-2027. According to various estimates, our need for additional funding is approximately 135-137 billion euros. The rest will have to be found – and it is not yet known where.

Russian frozen assets have not been touched. Some EU countries (traditional "friends of Moscow") have blocked their use. Therefore, the Kremlin can breathe a sigh of relief for now. There is time for bargaining again.

This decision demonstrates solidarity with Ukraine, but it also shows the exacerbation of internal disagreements within the EU itself, especially on the question of who should pay for the war – the aggressor or the taxpayers.

But in a hopeless situation, we cannot but be grateful for this as well.

Original

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