Brussels [Belgium], February 11 (ANI): The European Parliament has approved the EUR 90 billion loan package aimed at supporting Ukraine amid the ongoing war with Russia, which will be entering its fourth year this month.

In a vote held on Wednesday, Members of the European Parliament (MEPs) adopted three legislative proposals enabling the EU to provide financial assistance to Ukraine for 2026 and 2027, designed to address Ukraine's urgent financing needs as the conflict enters its fifth year.

According to the European Parliament's press release, EUR 30 billion will be allocated to macro-financial assistance and budgetary support through the EU's Ukraine Facility, while the remaining EUR 60 billion will be directed towards strengthening Ukraine's defence capabilities, including the procurement of military equipment.

The funds are intended to ensure timely access to critical defence products, primarily sourced from Ukrainian, EU, and European Economic Area (EEA)/European Free Trade Association (EFTA) defence industries.

'If certain defence material is not immediately available from these countries for urgent delivery to Ukraine, a set of targeted derogations will apply to sourcing them from other countries,' the release stated.

The release further noted that the financial assistance will be disbursed in accordance with a financing strategy prepared by Ukraine and assessed by the European Commission, subject to approval by the European Council and that the funding will be conditional on Ukraine's continued commitment to democratic governance, the rule of law, protection of human rights, and anti-corruption reforms.

The loan will be financed through common EU borrowing on capital markets and guaranteed by the EU's long-term budget.

'The Commission has estimated the debt service costs at around EUR1 billion for 2027 and around EUR3 billion per year from 2028. Ukraine will be liable for the repayment of the principal of the loan once it receives war reparations from Russia,' the release added.

The legislative acts were adopted under Parliament's urgent procedure to facilitate rapid assistance.

The proposal for the Ukraine support loan was approved with 458 votes in favour, 140 against, and 44 abstentions.

Amendments to the Ukraine Facility and the 2021-2027 EU long-term budget (MFF) also secured majority backing.

The package now requires formal adoption by the Council before the European Commission can disburse the first tranche, expected early in the second quarter of 2026.

Reacting to the decision, Ukrainian President Volodymyr Zelenskyy thanked the European Parliament for its support.

In a post on X, he said, 'It is important that this is precisely the signal that must be sent to the aggressor. Ukraine will endure and can protect lives. Europe is united and strong, and it supports Ukraine. And all of this is funded by the very funds that Russia must repay.'

The EUR 90 billion support loan was agreed upon at the European Council meeting in Brussels on December 2025, and formally presented by the European Commission on January 14.

The amount is intended to cover two-thirds of Ukraine's projected financial needs for the period concerned. (ANI)