Ukraine’s European allies pledged to provide a €1 billion ($1.08 billion in U.S. dollars) loan to Ukraine, to be repaid with proceeds from immobilized Russian assets in the European Union.
The announcement comes at a pivotal time in the war as President Donald Trump and Russian President Vladimir Putin discussed a partial ceasefire agreement earlier this week. Hours after Putin’s call with President Trump, Ukrainian President Volodymyr Zelenskyy said that Russia attacked his nation using 171 drones.
The amount pledged by Europe was far less than Zelenskyy had hoped for. The Ukrainian leader had called on more than $5 billion in aid from the European Union.
“It’s crucial that our partners’ support for Ukraine doesn’t decrease but instead continues and grows. Air defense, military aid, our overall resilience—all are crucial,” he said. “Investments in weapons production are needed both in Ukraine and in Europe. Europe must ensure its technological independence, including in weapons manufacturing. Everything necessary to defend the continent should be produced in Europe.”
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Ursula von der Leyen, president of the European Commission, touted Thursday’s announcement by indicating that the European Union remains committed to addressing Ukraine’s immediate needs.
“With today’s payment of €1 billion, we are reiterating our steadfast commitment to Ukraine. We are helping the country’s economy stay on course and rebuild critical infrastructure damaged by Russian aggression. We will keep supporting Ukraine as long as it takes,” she said.
Zelenskyy said that even as a potential peace agreement is brokered, pressure needs to remain on Russia from Ukraine’s allies. Zelenskyy accused Putin of “making unnecessary demands that only prolong the war.”
The White House, however, has expressed optimism that a potential deal would lead to long-term peace in the region.
“Ongoing diplomatic efforts do not mean Russia should face less pressure. That’s crucial to reducing the chances of a Russian hoax,” he said. "We all know how easily Moscow disregards its promises – one moment they give their word, and a few hours later it means absolutely nothing. That’s why we must keep pushing Russia toward peace.”
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