Valdis Dombrovskis

Money Moves

Managing EU economic policy and Ukraine financing

The European Union approved a €90 billion loan package for Ukraine on February 4, 2026—the largest single financial commitment in the bloc's history to a non-member state. Two-thirds of the money, €60 billion, will purchase weapons and ammunition; the remaining €30 billion covers government operations. Ukraine will only repay the loan if Russia agrees to war reparations, meaning the EU expects to carry this debt indefinitely.

Updated Feb 5

Rule Changes

Defending the EU’s legal architecture for immobilised assets and Ukraine funding

Russia's central bank sued Euroclear in Moscow on December 12, seeking €193.7 billion in damages. Six days later the plan that triggered the lawsuit—using frozen reserves to back Ukraine loans—collapsed at the European Council. Belgium refused the legal risk; the EU pivoted to a €90 billion conventional loan backed by its own budget instead.

Updated Dec 27, 2025