Ukraine financing: Why the EU had to switch to Plan B

The EU will now take out a loan via the Multiannual Financial Framework to finance Ukraine with €90 billion over the next two years. The initially preferred option of a reparations loan failed, not least because of the high guarantees demanded by Belgium.

Stephan Israel

18. December 2025

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Stephan Israel

18. December 2025

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Last updated: 19. December 2025