The European Union formally approved on Thursday (April 23, 2026) a 90-billion-euro ($105-billion) loan to Ukraine and new sanctions against Russia, ahead of an informal summit of the bloc's leaders in Cyprus which Ukrainian President Volodymyr Zelenskyy attended.
The loan is set to cover two-thirds of Ukraine's needs for the next two years. Economists had said Ukraine would start to run out of money by June if the EU loan was not disbursed by then, requiring deep cuts to public services.
"While Russia doubles down on its aggression, we are doubling down on our support to the brave Ukrainian nation enabling Ukraine to defend itself and putting pressure on Russia’s war economy," European Commission chief Ursula von der Leyen said.
Throwing Ukraine a lifeline
EU ambassadors had already approved the loan and the sanctions package on Wednesday (April 22, 2026) after Hungary lifted its veto, paving the way for Thursday's formal approval.
