On February 11, 2024, the European Parliament voted in favor of a significant financial initiative, approving a €90 billion loan to Ukraine. This financial package is strategically designed to assist Ukraine in both military and budgetary expenditures amidst the ongoing challenges posed by the war with Russia. The vote witnessed considerable backing, with 458 members in favor, although it also faced opposition, with 140 lawmakers voting against it and 44 abstaining from the decision.

The loan comprises a substantial allocation of €60 billion dedicated to military assistance, aimed at bolstering Ukraine's defense capabilities, alongside €30 billion earmarked for budgetary support. This funding is critical as the ongoing conflict severely impacts Ukraine's economy and infrastructure, necessitating robust financial backing from allies, particularly from the European Union. Originally, this vote was intended for a special plenary session on February 24 to commemorate the anniversary of the Russian invasion, indicating the significance and urgency surrounding this financial aid.

This approval follows prior agreements made during the EU summit on December 19, where leaders committed to a joint loan for Ukraine. The decision reflects a broader strategy by the European Union to reinforce its support for Ukraine and mitigate the ongoing impacts of the war. Such financial commitments underscore the international community's recognition of Ukraine's plight and the need for sustained support as the conflict continues to evolve.