贷款条件设计为：只有在俄罗斯以赔款形式补偿基辅后，乌克兰才需要偿还；在此之前，俄罗斯资产仍将在欧盟境内保持冻结。此前多数领袖把动用约2100亿欧元的俄罗斯央行冻结资产视为最佳选项，但比利时因法律风险与可能报复而长期反对，最终促成以预算担保共同举债的折衷结果。
背景压力包括：美国大幅缩减资金支持，乌克兰资金据称将在4月前耗尽。俄方同时加强法律与政治反制：俄罗斯央行在莫斯科对持有多数冻结资产的Euroclear提告，索赔18.2兆卢布（约2290亿美元），并警告若资产遭动用，可能在地方法院向欧洲放贷机构求偿。协议也写明，使用欧盟预算作为担保不会影响捷克、匈牙利与斯洛伐克的财政义务。
EU leaders agreed to loan Ukraine €90 billion (about $106 billion) over the next two years to keep the state financed and improve Kyiv’s leverage in negotiations. The money will be raised via joint EU debt sold in capital markets and backed by the EU budget, marking a pivot away from the earlier push to rely primarily on frozen Russian assets.
Repayment is conditional: Ukraine would only repay after Russia compensates Kyiv through reparations; until then, Russian assets in the EU remain immobilized. Many leaders had argued the roughly €210 billion in frozen Russian central-bank assets was the best funding source, but Belgium—where most assets are held—cited legal exposure and retaliation risks, helping drive the compromise toward budget-backed joint bonds.
Pressure was heightened by claims that US financial support has largely dried up and Ukraine’s funds could run out by April. Russia escalated its pushback with legal threats, including a central-bank lawsuit in Moscow seeking 18.2 trillion rubles (about $229 billion) from Euroclear, and warnings of possible compensation claims in local courts against European lenders if assets are used. The deal also says using the EU budget as a guarantee won’t increase the financial obligations of the Czech Republic, Hungary, and Slovakia.
