Ukraine deal: EU leaders agree €90bn loan, but without use of frozen Russian assets

Two-year deal will cover most of Ukraine's needs, but will be secured against EU borrowing rather than Russian assets

EU leaders have pledged a 90bn loan for Ukraine to meet urgent financial needs, but failed to agree on the preferred option for many of securing that loan against Russia's frozen assets in the bloc.

After talks ended in the early hours of Friday, the president of the European Council, Antonio Costa, told reporters: We committed and we delivered." He said EU leaders had approved a decision to make a 90bn loan to Ukraine for the next two years backed by the EU budget, which Kyiv would repay only once Russia pays reparations.