The EU has finalized the allocation of 90 billion euros for Ukraine and the 20th package of sanctions against Russia

The European Union has unanimously approved a €90 billion loan for Ukraine and imposed a 20th round of sanctions against Russia in response to its armed aggression. Disbursement of the loan will begin shortly to meet the Ukrainian government’s most urgent budgetary needs. 

A spokesperson for Cyprus, which currently holds the EU presidency, announced the completion of all written procedures and the successful amendment of the financial policy regulations, Interfax-Ukraine reports.

Cyprus’s Minister of Finance, Makis Keravnos, emphasized that the EU Council has approved the final necessary element to unlock the funds, which constitute vital support for Ukraine. The Cyprus Presidency has worked to ensure that the European Union continues to firmly support the country’s sovereignty and territorial integrity amid the war. The simultaneous adoption of financial aid and new restrictions against Russia demonstrates the international community’s unwavering stance on putting pressure on the aggressor.

The new sanctions package is aimed at further weakening Russia’s military and economic capabilities to bring an end to hostilities. The €90 billion in financial resources will help stabilize Ukraine’s economy and ensure the fulfillment of social obligations to its citizens. Both documents took effect immediately after the completion of official procedures in Brussels. European institutions are currently preparing a schedule for the first loan tranches, which are to be disbursed to Kyiv as soon as possible.