Agathe Demarais
European Council meetings are rarely nerve-racking, but the one that took place on 18th-19th December broke the mould. Two topics were at the top of the agenda: a long-awaited free-trade agreement with the Mercosur economies and a loan to Ukraine using Russia’s EU-held immobilised central bank reserves.
The discussion did not unfold as planned. The signing of the Mercosur deal was postponed to January, and while the EU will provide a €90bn loan to Ukraine for 2026-27, the bloc will finance the scheme through EU debt—leaving Russia’s immobilised central bank assets untouched.
Here are seven takeaways on what the EU’s decision to grant a €90bn loan to Kyiv using the EU budget means for Europeans, Ukraine and the fate of Russian reserves.
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