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UKRAINE: Zelenskyy-EUR35bn Loan To Fund Air Defence, Energy & Weapon Purchases

UKRAINE
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Ukrainian President Volodymyr Zelenskyy speaking at a presser alongside European Commission President Ursula von der Leyen in Kyiv. Zelenskyy: 'Victory plan depends on quick decisions from partners in October-December 2024.' Comes as the EU is set to provide a loan of up to EUR35bn to Ukraine based on G7's USD50bn loan scheme using windfall profits from frozen Russian assets. Zelenskyy said that Ukraine planned to use the loan for air defence, energy security/provision, and domestic weapons purchases. Von der Leyen says the EU understands the 'tremendous financing needs' created by the war, and that the EU is confident the money can be delivered 'very quickly'. 

  • FT reports that the initial USD50bn loan plan would see a USD20bn EU/US split, with the UK, Canada, and Japan covering the remaining USD10bn. The US made it conditional that it would only participate if the EU guaranteed Russian assets held in the Union (EUR200bn) would remain frozen. Given Hungary's opposition to sanctions, this could not be guaranteed. The EU sought to increase its share to EUR40bn to account for the US absence, but member states objected with EUR35bn coming as a compromise figure.
  • As an MNI reported, the Hungarian gov't remains opposed to sanctions. When asked about potentially suspending its twice-yearly veto, National Economy Minister Marton Nagy told MNI, "Hungary takes the very clear view that the sanctions are not working and in addition harm you and your economy." (see 'MNI EM INTERVIEW: Next NBH Head To Improve Relations With Gov't' 17 Sep)
     
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Ukrainian President Volodymyr Zelenskyy speaking at a presser alongside European Commission President Ursula von der Leyen in Kyiv. Zelenskyy: 'Victory plan depends on quick decisions from partners in October-December 2024.' Comes as the EU is set to provide a loan of up to EUR35bn to Ukraine based on G7's USD50bn loan scheme using windfall profits from frozen Russian assets. Zelenskyy said that Ukraine planned to use the loan for air defence, energy security/provision, and domestic weapons purchases. Von der Leyen says the EU understands the 'tremendous financing needs' created by the war, and that the EU is confident the money can be delivered 'very quickly'. 

  • FT reports that the initial USD50bn loan plan would see a USD20bn EU/US split, with the UK, Canada, and Japan covering the remaining USD10bn. The US made it conditional that it would only participate if the EU guaranteed Russian assets held in the Union (EUR200bn) would remain frozen. Given Hungary's opposition to sanctions, this could not be guaranteed. The EU sought to increase its share to EUR40bn to account for the US absence, but member states objected with EUR35bn coming as a compromise figure.
  • As an MNI reported, the Hungarian gov't remains opposed to sanctions. When asked about potentially suspending its twice-yearly veto, National Economy Minister Marton Nagy told MNI, "Hungary takes the very clear view that the sanctions are not working and in addition harm you and your economy." (see 'MNI EM INTERVIEW: Next NBH Head To Improve Relations With Gov't' 17 Sep)