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EU agrees €90bn loan to Ukraine after frozen Russian asset plan fails

Money to be borrowed against bloc’s budget after leaders fail to agree on proposal using Moscow’s funds

EU leaders have struck a deal to lend €90bn to Ukraine, borrowed against the bloc’s shared budget, after a proposal to use immobilised Russian sovereign assets collapsed.

The financial agreement represents a critical lifeline for Ukraine, and comes as Europe seeks to assert its right to influence US-led peace talks to end Russia’s almost four-year long war against Kyiv.

“We committed, we delivered,” EU Council president António Costa wrote on social media platform X.

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