Sanctions against Russia to be extended, says European Council President

Ukraine will repay the loan provided by the European Union using frozen Russian assets only after the Russian Federation pays reparations.

European Council President Antonio Costa said this at a press conference following a meeting of the European Council on Friday, CE Report quotes Ukrinform.

Costa announced that the EU summit had approved a decision to provide EUR 90 billion to Ukraine for the next two years.

"As a matter of urgency, we will provide a loan backed by the EU budget. This will address the urgent financial needs of Ukraine. And Ukraine will only repay this loan once Russia pays reparations. The Union reserves its right to make use of the immobilized assets to repay this loan," he said.

Costa also said that a decision had been taken to roll over sanctions against Russia.

"Our goal is not to prolong the war. In fact, today’s decisions are a crucial contribution to achieve a just and lasting peace for Ukraine. Because the only way to bring Russia to the negotiation table is to strengthen Ukraine," he said.

As reported by CE Report, he added that the EU's political and financial support to Ukraine will not falter: in war, in peace and in reconstruction.

"We are committed to building a free and prosperous Ukraine within the European Union," Costa said.