The European Parliament voted on Wednesday to approve a substantial €90 billion loan to support Ukraine, allowing the country to meet its financial needs projected for 2026 and 2027. This decision was made with a significant majority of 458 votes in favor against 140 votes opposed. The financial assistance is crucial as it aims to cover two-thirds of Ukraine's financial needs during this period, which will be assisted by the European Union's overall budget. The original plan to utilize frozen assets of the Central Bank of Russia was eventually rejected, emphasizing the reliance on EU funding instead.

European Parliament member Natālija Luazo expressed the importance of this support, noting that it stems from a small number of countries but is predominantly backed by Europe, framing it as both an honor and a self-interest for the EU in terms of collective security. The loan structure also outlines that Ukraine will only need to start repaying this loan once Russia pays for the damages inflicted during the ongoing conflict, underlining the EU's commitment to assist Ukraine in its defense and recovery efforts alongside its European partners.

The financial package provides for €60 billion of the loan to be allocated specifically for military purchases aimed at repelling Russian aggression. Meanwhile, the remaining funds will be directed towards general budgetary support, showcasing the EU's broader strategy to stabilize Ukraine amidst the ongoing crisis. Furthermore, the estimated annual interest payments of around €3 billion are expected to be covered by the EU budget, demonstrating a significant financial commitment to assist Ukraine during these challenging times.