EU to send €45B first tranche

European Union governments finalized a €90 billion loan for Ukraine on April 23, clearing the last legal step for money to start flowing in the second quarter. (consilium.europa.eu) The Council of the European Union said the package was agreed by EU leaders in December 2025 and now allows the European Commission to begin disbursements “as soon as possible” in Q2 2026. (consilium.europa.eu) The loan is structured in two parts: €30 billion for macroeconomic support through macro-financial assistance or the Ukraine Facility, and €60 billion for defense industrial capacity and procurement. (consilium.europa.eu) European Economy Commissioner Valdis Dombrovskis said on April 21 that the first disbursement was likely at the end of May or in early June. (usnews.com) Zelenskyy said on April 26 that the first tranche would go to domestic defense production, including drones and other military technology, and to protecting the energy system before winter. (en.interfax.com.ua) (pravda.com.ua) He said “some 45 billion” is allocated for 2026 across several tranches, and that Ukraine expects several billion euros for energy protection from the first payments. (en.interfax.com.ua) Ukrainska Pravda reported that the first defense-related tranche is expected to total €6 billion by June at the latest, while a separate budget-support schedule would send €8.35 billion in three tranches this year. (pravda.com.ua 1) (pravda.com.ua 2) The Council said the financing is tied to conditions including the rule of law and anti-corruption measures, and that EU borrowing on capital markets will back the loan through EU budget headroom. (consilium.europa.eu) The money is meant to cover Ukraine’s urgent budgetary needs in 2026 and 2027 while also channeling orders to defense manufacturers in Ukraine, the European Union and partner countries. (consilium.europa.eu) For Kyiv, the immediate question is no longer whether the loan exists, but how quickly the first euros arrive before summer procurement and winter energy defenses. (consilium.europa.eu) (usnews.com)