By Janet Ekstract, NEW YORK – The current President of the European Council, Prime Minister of Portugual Antonio Costa, addressing a press conference following the European Council meeting on December 19 said: “As a matter of urgency, we will provide a loan backed by the EU budget. This will address the urgent financial needs of Ukraine. And Ukraine will only repay this loan once Russia pays reparations.” Costa added: “The Union reserves its right to make use of the immobilised assets to repay this loan. At the same time, we gave a mandate to the Commission to continue working on the Reparation Loan based on Russian immobilised assets.” Costa said the EU goal “is not to prolong the war,” adding “today’s decisions are a crucial contribution to achieve a just and lasting peace for Ukraine.” He reiterated that “the only way to bring Russia to the negotiation table is to strengthen Ukraine. Today’s decisions will provide Ukraine with the necessary means to defend itself and to support the Ukrainian people.
Meanwhile, Ukraine’s President Zelensky lauded the EU decision and said that it will allow Ukraine to expand its modern drone production. Analysts have pointed out that the loan will allow Ukraine to purchase more advanced fighter jets and additional weaponry for its defense. As Costa said “the only way forward is a ceasefire and a negotiated peace,” and though talks are ongoing in Miami this weekend, the two sticking points remain ironclad security guarantees for Ukraine and Russia dropping its demand to fully control the Donbas region. As Costa stated in his formal address: “The message we are sending to Russia today is crystal clear: first, you have not achieved your objectives in Ukraine; second, Europe stands with Ukraine. Today, tomorrow and as long as necessary; third, Russia must come to the negotiation table in a serious way and accept that it will not win this war.”
