Ukraine has strong European support, but anti-corruption measures and the implementation of reforms must continue uninterrupted.
Stephanie Lose, the Minister of Economy of Denmark, the country holding the EU Council presidency until the end of 2025, stated this ahead of a meeting of the EU Economic and Financial Affairs Council in Brussels on Thursday.
“We will be doing the breakfast today, we will have a discussion on a very important topic – Ukraine financing – and how the European Union will be able to continue our strong support for Ukraine. And we will discuss different ways and options towards the solution to that,” she said.
When asked whether the anti-corruption investigation concerning Energoatom would affect ministers’ negotiations on financing Ukraine, Lose replied: “It remains very important that we continue our support for Ukraine. Of course, Ukraine will have to continuously work with reforms, with strengthening all parts of their society, that also applies to anti-corruption parts of the society. But there shouldn’t be any doubt that there’s strong European support behind Ukraine.”
According to the minister, a reparations loan appears to be the best option for possible financing, though she did not reveal details of other options reported in the media, including borrowing funds from EU governments on the market, which would involve paying interest.
Lose also did not directly answer whether Belgium’s proposal to other EU member states, holding frozen Russian assets, to join a reparations loan scheme would be considered today.
She expressed hope that Norway, which is not an EU member, would also contribute to Ukraine’s financing in some way, including under a reparations loan if approved.
Lose also expressed optimism about the possibility of approving the final version of Ukraine’s financing for 2026-2027 at the next EU leaders’ summit in December 2025.
As Ukrinform reported, Finland considers a reparations loan the most optimal option for financial aid to Ukraine to cover the financing gap for 2026-2027.
EU finance ministers are meeting today in Brussels to discuss ways to provide Ukraine with financial support of EUR 130-140 billion ($152-163 billion) – either by borrowing funds or, more likely, using frozen Russian assets.
At the same time, Belgium, home to the international depository Euroclear, which holds most of the Russian assets, has opposed such a step, fearing legal consequences.
It was also reported that Norway could support the EU plan to use frozen Russian assets for Ukraine’s benefit, but does not intend to use its sovereign fund as the sole guarantee for this initiative.
Photo: facebook.com/v.stephanie.lose