UK eyes joining €90B EU loan for Ukraine — Financial Times
Prime Minister Keir Starmer and President Volodymyr Zelenskyy (Photo: Vitalii Nosach / RBC-Ukraine)
The UK is officially launching negotiations to join the EU's €90 billion credit program for Ukraine. The country's Prime Minister, Keir Starmer, is expected to announce this move today, April 4, during the European Political Community (EPC) summit in Armenia, reports the Financial Times.
The lending program is designed to cover the next two years. Its path to implementation has not been easy, as Hungary had long blocked the decision.
The funds will be allocated to specific areas:
- Two-thirds (€60 billion) – to strengthen defense needs and purchase weapons.
- One-third (€30 billion) – for general financial support and economic stabilisation.
Britain is not just looking to help. The government wants to open the door for its own companies to future contracts.
Starmer's meeting with Zelenskyy in Yerevan
On the eve of the summit, Keir Starmer held talks with Ukrainian President Volodymyr Zelenskyy in Yerevan. Zelenskyy thanked Britain for its unwavering position. He specifically highlighted the royal family's support.
The president asked to convey his gratitude to King Charles III for his strong words during his visit to the US.
Starmer, for his part, stressed the importance of putting pressure on the Kremlin.
The prime minister’s office said that the United Kingdom was ready to do the necessary work with allies on Monday to provide Ukraine with the support and pressure needed to keep applying to Russia and to ensure a fair and lasting peace that would be right for Ukraine.
What else is known about the EU loan for Ukraine
Although the EU has agreed to the €90 billion loan, it is considering introducing stricter conditions. For example, it could make part of the disbursements contingent on implementing unpopular tax changes for businesses.
Meanwhile, the first €6 billion of the loan will be disbursed to Ukraine as early as the current quarter. It has become known exactly what the first tranche from the EU will be used for.
At the same time, Prime Minister Denys Shmyhal clarified that these loan funds will not be directed toward restoring energy infrastructure destroyed by Russian shelling.
