€90BN Funding Plan

European Union leaders agreed on Friday to raise 90 billion euros in joint borrowing to support Ukraine’s defence against Russia over the next two years, abandoning for now a contentious plan to fund Kyiv using frozen Russian state assets.

The decision, reached after hours of negotiations in Brussels, ensures continued financial backing for Ukraine at a moment when officials warned that a funding gap next year could weaken its ability to resist Moscow’s invasion.

Under the agreement, the European Commission will raise funds backed by the EU budget and provide the money to Ukraine as a loan. The move allowed …