“We will provide the loan one way or another” — Brussels moves on €90B Ukraine package

The European Commission expects to release the first tranche of a €90 billion loan package for Ukraine before the end of the second quarter of 2026, Commission spokesperson Balazs Ujvari said in Brussels on 14 April, according to European Pravda's Brussels correspondent.

"We remain committed to making the first disbursement under this package during the second half of this year," Ujvari stated.

The €90 billion loan is an EU facility that would provide long-term financing to Ukraine, funded by the interest generated from frozen Russian sovereign assets held in European financial institutions — primarily through the Belgian-based depository Euroclear.

Three steps remaining

The Commission has already adopted the Ukraine Financing Strategy, which, in Ujvari's words, "allows us to determine how much funding we are going to provide to Ukraine, for what purposes, and through which channels." Three further instruments, however, still require finalization before the first payment can be made.

According to the spokesperson, the EU must: complete a Memorandum of Understanding that will form the basis of the macro-financial assistance channel within the package; update Ukraine's Plan under the Ukraine Facility mechanism, through which the EU intends to provide budget support; and prepare the credit agreement itself.

"Work is ongoing. We are maintaining many contacts with our Ukrainian colleagues and are progressing as fast as we can," Ujvari said.

He also recalled the context in which the loan was agreed: "We, of course, expect all EU leaders, all member states, to honor their commitments. And if I may recall the words of the President [von der Leyen], she said we will provide the loan one way or another. At this point, important elements of the package have already been implemented."

Hungary factor

The package's timeline has been closely tied to Hungary's political situation. Following the defeat of Prime Minister Viktor Orbán's party in the 12 April elections, EU officials expressed hope that both the €90 billion loan and the 20th EU sanctions package against Russia could now move forward without further obstruction, Yevropeyska Pravda reports.

Incoming Hungarian Prime Minister Péter Magyar has indicated he will not block the EU loan for Ukraine, since the decision has already been taken, though he confirmed that Budapest will not participate in it. The European Commission has simultaneously begun what media describe as "immediate negotiations" with Magyar, urging him to normalize relations with Ukraine and launch long-delayed reforms in order to unblock €35 billion in frozen EU funds.