Helsinki: Finnish Finance Minister Riikka Purra has criticized the European Union's recent agreement to provide a £90 billion (approximately $105 billion) joint loan to support Ukraine over the years 2026-27, describing it as a "major failure."
According to Anadolu Agency, Purra expressed her disappointment with the EU's decision, particularly targeting Belgium for its role in the negotiations. "This is undoubtedly a major failure for the European Union. I am deeply disappointed, especially by Belgium's obstruction on the issue," Purra stated in an interview with broadcaster Yle.
Purra emphasized Finland's priority of utilizing frozen Russian assets to support Ukraine, noting that Finland is expected to bear a liability of an estimated £1.5-1.6 billion ($1.7-1.8 billion). The EU leaders, after weeks of intense negotiations, reached an agreement at the European Council to finance Ukraine through borrowing on capital markets for the specified years.
European Commission President Ursula von der Leyen highlighted that the deal was finalized after member states could not reach a consensus on using frozen Russian assets to aid Kyiv. Currently, around £210 billion ($246 billion) in Russian assets are frozen within the EU.
The EU had considered using the proceeds from these frozen assets to support Ukraine. However, most of these assets are held by the Belgian financial services company Euroclear, and Belgium has repeatedly expressed legal and financial concerns over the proposal.