EU summit in Brussels: 140 billion euros for Ukraine in focus!

EU summit in Brussels: 140 billion euros for Ukraine in focus!

EU leaders recently gathered in Brussels to discuss support for Ukraine amid the ongoing conflict with Russia. A central theme was the use of frozen Russian assets to finance a robust financial package for Ukraine. However, agreement on the issue was postponed and the decision will now be postponed to the next summit in December. This reports vienna.at.

Council President Antonio Costa highlighted the EU's determination to meet Ukraine's financial needs for 2026-2027, including military support. The EU Commission was tasked with developing options for financial support for Ukraine based on a needs assessment. Interestingly, a passage on the gradual use of frozen Russian assets was removed from the draft after Belgium expressed concerns and demanded guarantees to protect itself from possible lawsuits from Russia.

The planned loan to Ukraine

In addition to the discussions about the frozen assets, German Chancellor Friedrich Merz has put forward a proposal to support Ukraine with an interest-free loan of almost 140 billion euros. This loan is to be financed by the Russian Central Bank's frozen assets in Europe, with repayment only to occur when Russia compensates Ukraine for the damage caused. Merz emphasizes that the member states do not have to provide their own budget resources, but should only provide guarantees, which would reduce the financial pressure on the EU states. tagesschau.de

The funds from this loan are designed to secure Ukraine's defense capability for several years. Merz planned to raise this proposal at an informal EU summit in Copenhagen and called for a new impetus to change Russia's strategy and persuade the Russian president to negotiate.

Public opinion on sanctions

Support for sanctions against Russia is widespread among the German population, despite widespread belief that they could be more damaging to the German economy. A poll found that 71% of those over 18 support sanctions against Russia, with support for sanctions policy varying depending on political preference. Most supporters can be found among the Green Party supporters (91%) and the SPD (85%). iwd.de

It turns out that 86% of respondents do not consider Russia to be a reliable trading partner in the next ten years. At the same time, there is a high willingness to bear the economic costs out of solidarity with Ukraine. Many are also calling for sanctions pressure to be maintained in order to weaken Russia's war economy. The federal government is advised to continue an energy and growth policy without Russian energy sources in order to minimize economic damage to Germany.