Sunday, July 12, 2026

Brussels - Agencies:

Bloomberg reported that the European Union is expected to allow Ukraine to use a 60 billion euro loan to purchase weapons from Britain, in a conciliatory move after the two sides failed to reach an agreement allowing London to join the bloc's €150 billion defense fund.

The European Union is nearing an agreement with Downing Street to allow British companies to benefit from the program after months of negotiations, according to Bloomberg citing people familiar with the matter.

The sources suggested that an announcement would be made during a meeting of the "coalition of the willing" to be held in Paris on Monday, led by Britain and France.

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European Commission spokesperson Paula Pinho said on Friday that Commission President Ursula von der Leyen will travel to the French capital on Monday to attend the meeting on Ukraine.

According to agency sources, there will be no specific fees for London to pay; instead, the British government will make a financial contribution when Ukraine chooses to use the loan to purchase military equipment from it, which added that the contribution will be determined based on the value of each contract and interest costs.

The deal is seen as a conciliatory move by the European Union after the two sides previously failed to reach an agreement to allow Britain to join the EU's €150 billion defense fund, with talks stalling due to the EU's demand for London to pay an entry fee.

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