EU prepares €210bn support package for Ukraine as key states take on bulk of guarantees

According to European Commission documents, the guarantees of the countries are calculated based on gross national income, so Germany, France, and Italy are expected to take on the main burden of providing the emergency loan to Ukraine.

Germany is to take on the largest share, about €51.3 billion. France, in turn, will have to provide €34 billion, and Italy will have to provide €25.1 billion.

Such commitments will allow the European Commission to secure the support of all member states and obtain the approval of Belgian Prime Minister Bart De Wever to issue the loan, intended to support Ukraine's economy in 2026–2027.

The EC documents also stipulate that EU countries must individually provide billions of euros to guarantee the €210 billion loan.

The proposed lending mechanism is designed to support Ukraine's economic stability and strengthen financial assistance amid the ongoing war with Russia. The Commission expects that decisions regarding guarantees will be adopted in the coming months to ensure the timely implementation of the program.

Belgium insists on risk-sharing

As of today, the EU has frozen about €210 billion of Russian sovereign assets, of which €185 billion are held at the Euroclear depository in Belgium. The location of the remaining €25 billion has not been officially disclosed.

Belgium does not object to the use of these funds, but the country's government demands that other EU states share the associated risks, as the amount of cash equals one-third of the country's GDP.

It is noted that the United States has supported the EU’s plan to use frozen Russian assets to resolve the conflict.

Earlier, it was reported that the European Commission is preparing a new plan for financing Ukraine.