EU approves UK's 90 billion euro loan to Ukraine
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The European Council approved the United Kingdom's participation in the Ukraine Support Loan mechanism, a 90 billion euro credit facility for Kyiv. The decision allows Ukraine to use the funds to procure defense products from UK-based companies as well as from EU, EEA, and EFTA states. The move underscores joint EU-UK commitment to supporting Ukraine against Russia's aggression.
The Approval
The European Council announced on July 22 that member states greenlit the UK's participation in the Ukraine Support Loan mechanism, a 90 billion euro credit program. The decision was made via written procedure and will enter into force upon publication in the EU Official Journal. Irish Foreign Minister Helen McEntee, current Council president, said the approval reflects joint EU-UK determination to support Ukraine until a comprehensive peace is achieved.
Scope of Financing
Under the mechanism, Ukraine can procure defense products from UK-based companies, as well as from EU, EEA, and EFTA states and other approved third countries. The UK met three conditions required for third-country participation, the Council stated. The loan aims to help Kyiv end Russia's illegal war and secure a just peace.
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