The European leaders failed to bridge differences with Belgium that would have allowed them to use frozen Russian assets to raise the funds.
After almost four years of war, the International Monetary Fund estimates that Ukraine will need 137 billion euros ($161 billion) in 2026 and 2027. The government in Kyiv is on the verge of bankruptcy, and desperately needs the money by spring.
The plan had been to use some of the 210 billion euros ($246 billion) worth of Russian assets that are frozen in Europe, mostly in Belgium.
The leaders worked deep into Thursday night to reassure Belgium that they would protect it from any Russian retaliation if it backed the “reparations loan” plan but in the end the leaders did not use that option, but as the talks bogged down the leaders eventually opted to borrow the money on capital markets.
MNA
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