Finnish finance minister calls EU's loan deal for Ukraine 'major failure'

By Ilayda Cakirtekin

ISTANBUL (AA) - Finnish Finance Minister Riikka Purra on Friday called the EU's agreement on a €90 billion (about $105 billion) joint loan to support Ukraine over 2026-27 a "major failure."

"This is undoubtedly a major failure for the European Union. I am deeply disappointed, especially by Belgium's obstruction on the issue," Purra said, according to broadcaster Yle.

She said Finland’s top priority was ensuring that frozen Russian assets are used to back Ukraine, as the country is expected to be liable for an estimated €1.5-1.6 billion ($1.7–1.8 billion).

EU leaders agreed at the European Council, following weeks of intense negotiations, to finance Ukraine through borrowing on capital markets for 2026 and 2027.

European Commission President Ursula von der Leyen said the deal was reached after member states failed to agree on directly using frozen Russian assets to support Kyiv.

Around €210 billion ($246 billion) in Russian assets remain frozen within the EU.

The EU had proposed using proceeds from those assets to support Ukraine, though most are held by the Belgian financial services company Euroclear, and Belgium had repeatedly raised legal and financial concerns over the plan.