Costa says summit will not end without decision on Ukraine funding

European Council President António Costa has said that EU leaders at today's summit will agree on a decision on funding for Ukraine for the next two years.

Costa recalled two important decisions that the EU has taken on the path towards approving funding for Ukraine.

"First of all, to immobilise the Russian frozen assets in Europe until the end of the war, until Russia pays reparations to Ukraine… The second decision we have made is to ensure the financial needs of Ukraine for 2026 and 2027. And today, we will focus on approving the form to deliver on this," Costa said upon arriving at the EU summit in Brussels.

He said that the European Commission has presented several options for this.

"We worked very well, especially on the one that has a large support in the European Council and what I can assure you is that we will work on this today, if it's necessary, tomorrow. But we will never leave this council without a final decision to ensure the financial needs of Ukraine for 2026 and 2027," he added.

On Thursday, it became known that diplomats from European Union member states had reached a tentative agreement on using frozen Russian assets to provide Ukraine with a "reparations loan" in 2026-2027, but the final decision is to be taken by EU leaders at the European Council meeting.

Meanwhile, European Commission President Ursula von der Leyen said that the EU summit must ultimately decide which financing option for Ukraine to choose: a reparations loan or funding through the EU budget via external borrowing.