#32026R0467Regulation (EU) 2026/467 implementing enhanced cooperation on the establishment of the Ukraine Support Loan for 2026 and 2027
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This regulation establishes a EUR 90 billion Ukraine Support Loan for the years 2026 and 2027. The loan is funded through Union borrowing on capital markets and backed by the EU budget, with 25 Member States participating via enhanced cooperation, excluding Czech Republic, Hungary and Slovakia from any budget guarantee obligations. The loan is to be repaid by Ukraine only once it receives reparations from Russia; until then, immobilised Russian Central Bank assets may be used as a repayment source. Funds will support Ukraine's macro-financial stability, external financing needs, and defence industrial capacities, with an indicative split between budget assistance and defence support. Disbursement occurs in instalments subject to conditions including respect for democracy, rule of law, and anti-corruption measures.
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Key Changes
- Establishes a EUR 90 billion Ukraine Support Loan for 2026-2027 financed by EU capital market borrowing
- 25 Member States participate via enhanced cooperation; Czech Republic, Hungary and Slovakia excluded from budget guarantee obligations
- Loan repayment by Ukraine deferred until receipt of Russian reparations; Russian Central Bank assets may be used for repayment
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Obligations
What this law requires
The European Commission and participating Member States must disburse the EUR 90 billion Ukraine Support Loan in instalments subject to conditions including Ukraine's respect for democracy, rule of law, and anti-corruption measures.
Ukraine must repay the EUR 90 billion loan only once it receives reparations from Russia; until then, immobilised Russian Central Bank assets may be used as a repayment source in accordance with Union and international law.
Member States must ensure that mobilisation of Union budget resources as a guarantee for the loan has no financial impact on Czech Republic, Hungary, and Slovakia through enhanced cooperation mechanisms.
Loan disbursement must be conditional upon Ukraine continuing to uphold the rule of law, including the fight against corruption, and maintaining democratic standards.
The Union must keep immobilised Russian Central Bank assets immobilised until Russia ceases its war of aggression against Ukraine and provides reparations for damage caused.