EU agrees on €90-bn loan for Kyiv, but not with Rus assets

How EU's Russian assets bid failed Russia said EU backed away from appropriating Russia's frozen assets because it would have faced repercussions and damaged its status as a safe place for assets

- Agencies

European Union leaders agreed on Friday to provide a massive interest-free loan to Ukraine to meet its military and economic needs for the next two years, but they failed to bridge differences with Belgium that would have allowed them to use frozen Russian assets to raise the funds, AP reported.

After almost four years of war, the International Monetary Fund estimates that Ukraine will need 137 billion euros ($161 billion) in 2026 and 2027. The government in Kyiv is on the verge of bankruptcy, and desperately needs the money by spring.

The plan had been to use some of the 210 billion euros ($246 billion) worth of Russian assets that are frozen in Europe, mostly in Belgium.