Zelenskyy expects first tranche of EUR 90 bln EU support package in May-June

Ukrainian President Volodymyr Zelenskyy, on a visit to Cyprus for an EU summit, said the previously approved EUR 90 billion EU reparations loan for Ukraine has been finally unblocked and that he expects the first tranche to arrive next month or in June.

"Today is an important day for our defense and for our relations with the European Union. The European support package for Ukraine has been unblocked – that is 90 billion euros over two years," Zelenskyy said on Telegram.

This "will add strength to our army, provide Ukraine with greater resilience and allow us to fulfill social obligations to Ukrainians as defined by law," he said.

"We are working to have the first tranche from this support package available in May-June. Funds from the European package will be directed, in particular, to weapons production, procurement of necessary weapons from partners that we do not yet produce in Ukraine, as well as preparations for the coming winter of our energy sector and critical infrastructure," the president said.

He also said he will discuss with partners at meetings in Cyprus new sanctions steps against Russia following the adoption of the 20th package, and will work with partners on security partnership agreements in the drone deal format, which have proven their effectiveness in the Middle East and Gulf region. "We believe that only joint efforts provide truly significant strength, and Europe deserves to have exactly such strength," Zelenskyy said.

As previously reported, the Committee of Permanent Representatives (Coreper) of EU member states reached agreement for Council approval of European Commission proposals on the 20th sanctions package against Russia and the EUR 90 billion loan for Ukraine after Hungary dropped its veto. EU member state ambassadors then approved both the amendment to the EU’s multiannual financial framework regulation needed to enable disbursement of the loan and the 20th sanctions package. Both had previously been blocked by Hungarian Prime Minister Viktor Orban, who lost the recent Hungarian elections.