Increased European Union support for Ukraine is a positive step, but leveraging frozen Russian assets must remain on the table, the Socialists and Democrats said today.

The European Council last night agreed to provide further support to Ukraine through a €90 billion loan over two years guaranteed by the common EU budget. Ahead of the summit, the S&Ds had called for drawing on the frozen Russian assets for the loan to Ukraine.

S&D President, Iratxe García Pérez, said:

"Europe has once again stepped up for Ukraine. That was the right signal to send at this moment. Thanks to this decision, Ukraine enters the new year with the financial security it needs to continue fighting for its independence. 

"We continue to stress that frozen Russian assets must be used for the Reparations Loan. This is vital to increase pressure on Putin and reinforce Europe’s position in achieving a just and lasting peace for Ukraine. Putin must pay for his crimes, not European taxpayers. It is not only a matter of solidarity, but also of justice and strategic security."

S&D shadow rapporteur on Ukraine, Thijs Reuten, said:

"The bottom line is that Ukraine’s financial needs have been covered, and that is very positive. Europe stands by Ukraine, and that was proven again by this decision. As we approach the fourth anniversary of this war, Ukraine continues to bravely defend itself against Russia’s brutal aggression, with the support of Europe.

"Russia’s assets remain frozen. This summit missed an opportunity to draw on those assets, for the benefit of Ukraine and to pressure Putin to end this war. Those responsible for the war must pay for the damage caused. Russia will not escape its responsibility, and it is good that the question of drawing on frozen Russian assets to create a Reparations Loan remains in play. The European Parliament will do its part."