Britain may join EU’s €90 billion loan for Ukraine, - Times
The European Union may allow the United Kingdom to join a €90 billion credit facility for Ukraine, which is intended to finance the purchase of approximately €60 billion worth of military equipment in the coming years.
According to Censor.NET, The Times reports on this.
Under current EU rules, UK companies will only be able to bid on contracts for equipment that cannot be supplied by manufacturers from EU countries. At the same time, European officials are discussing the possibility of expanding access for British defense companies.
The European Commission is open to broader cooperation with London
Maros Šefčovič, the European Commissioner for Relations with the United Kingdom, stated that the EU is open to London’s broader participation in the program.
"In an increasingly unstable world, security and defense are top priorities on the EU’s agenda and require us to work in step with our closest partners, including the UK. We are finalizing a €90 billion loan to support Ukraine, with the possibility of UK participation," he noted.
According to preliminary estimates, the UK’s contribution could amount to approximately 15% of the annual cost of servicing the loan—about €3 billion. The final terms of London’s participation have not yet been agreed upon.
The UK government confirms the talks
A source within the British government has confirmed that talks are underway regarding joining the financial program, noting that London continues to consider the EU’s proposals without having reached any final decisions.
The loan program was already approved by all EU member states in December, but its launch has been blocked due to the stance taken by Hungarian Prime Minister Viktor Orbán. He opposes the release of the first tranche and links his position to demands regarding the transit of Russian oil through the "Druzhba" pipeline.
What the loan entails
The mechanism provides for long-term financing designed to supply Ukraine with the resources needed to procure weapons and maintain its defense capabilities amid the ongoing war.
