Ukraine: The Latest Putin vows revenge after oil tanker blown up in Mediterranean & EU plugs Kyiv’s €90bn budget black hole
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Dec 19, 2025 Joe Barnes, the Brussels correspondent, shares his insights on the recently agreed €90 billion loan to Ukraine, discussing its critical role in stabilizing the nation's finances. He details the complex negotiations in Brussels and why frozen Russian assets weren't utilized. The conversation also touches on the implications for Ukraine's defense capabilities, particularly in drone production. Additionally, the podcast covers a striking attack on a Russian tanker in the Mediterranean, highlighting the ongoing geopolitical tension.
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EU's €90bn Loan And Frozen Assets
- The EU agreed a €90bn loan to Ukraine to cover a looming budget shortfall and avoid a spring cash crunch.
- The loan will be repaid only if Russia pays reparations, and frozen Russian assets remain immobilised for now.
Loan Backed By EU Budget, Not Seized Assets
- The loan is financed by EU common-budget guarantees rather than seizing frozen Russian assets.
- That shifts ultimate risk to EU taxpayers while keeping Russian assets frozen indefinitely.
Political Fault Lines Shaped The Deal
- The deal exposed winners and losers across EU capitals and revealed political fractures.
- Belgium resisted using frozen assets without legal guarantees, prompting opt-outs from Hungary, Slovakia and the Czech Republic.