White & Case advises Ukraine’s Ministry of Finance on €90 billion EU – Ukraine Support Loan package

Press Release

24 June 2026

3 min read

Global law firm White & Case LLP has advised Ukraine's Ministry of Finance, as borrower, on the EU's €90 billion Ukraine Support Loan financing to support Ukraine's budgetary needs in 2026 and 2027.

"This latest landmark financing for Ukraine builds on the work of Ukraine and the G7 on the Extraordinary Revenue Acceleration (ERA) Loan for Ukraine Initiative in 2024-2025, on which White & Case also advised Ukraine", said White & Case partner James Hardy, who led the Firm's deal team. "This innovative structure enables the EU to deliver critical financial support for priority state budget expenditures and to scale Ukraine's capabilities in the defence sector without increasing Ukraine's debt burden".

The innovative support loan package unlocks up to EUR 90 billion in funding, said to represent 2/3 of Ukraine's budgetary needs in 2026 and 2027. Receipt of proceeds of the first tranche is anticipated within June 2026. The financing structure is based on the EU's Ukraine Support Loan Regulation. Principal is structured on a limited recourse basis, repayable out of future Russian reparations or other compensation payments. Interest is to be satisfied through the grant by the EU of Borrowing Cost Subsidies, which the EU Council has committed to provide.

White & Case partner Ian Clark said "Our team is proud to continue to support Ukraine in maintaining its financial stability in the face of Russia's ongoing war of aggression. As with the ERA Loan structure, important legal work was required to convert the underlying legislative framework for the Ukraine Support Loan into implementable contractual terms. A key objective for the financing, which we worked with the Ministry of Finance to achieve, is for Ukraine to be able to treat its obligations under the structure as non-recourse and recognise the payments from the EU to Ukraine as pure budgetary assistance."

The White & Case team in London which advised on the Ukraine Support Loan transaction was led by partners James Hardy and Ian Clark, and included associate Mofe Onuwaje and trainee Joanna Lim.

White & Case has advised Ukraine's Ministry of Finance since 1998. The Firm's transactional financing work for Ukraine since the full-scale invasion on 24 February 2022 includes:

April 2026: MoU with Ukraine's official creditors in the Paris Club for the latest debt treatment in support of Ukraine's IMF program.
December 2025: Ukraine's GDP Warrants restructuring.
December 2024-June 2025: The G7's ERA Loan for Ukraine Initiative. This innovative financing represented over 70% of external financing to the state budget of Ukraine in 2025. (FT Innovative Lawyers Europe 2025 Winner, Innovative lawyers in unlocking capital: 'White & Case support for Ukraine – facilitating novel financing solutions during a time of war.')
March 2025: a UK Export Finance-backed £1.7 billion loan for the supply to Ukraine's Ministry of Defence of land-to-air missiles to Ukraine - the largest export credit agency-backed financing in Ukraine's history.
August 2024: The successful restructuring (settled in August 2024) of approximately US$20.5 billion of Ukraine's international bonds and the sovereign-guaranteed debt obligations of the State Agency for Restoration and Development of Infrastructure.
March 2024: A UK Export Finance-backed loan for the supply of two ex-Royal Navy minesweepers and related services to Ukraine's Ministry of Defence.
December 2022: A £26.3 million equivalent loan backed by UK Export Finance to support Ukraine's rebuilding of six bridges and reopening of important supply routes around the capital Kyiv (Export Finance Deal of the Year 2023, IJ Global).
August 2022: The comprehensive liability management transaction that deferred for two years Ukraine's contractual obligation to make payments under approximately US$25 billion of its international bonds, GDP-linked warrants and sovereign-guaranteed debt obligations. Debt and Equity-Linked Deal of the Year 2023, IFLR Europe Awards.
Advising on: (i) loans and financial support made to Ukraine by a range of official creditors, including governments, export credit agencies and development finance institutions; and (ii) debt service suspension with Ukraine's official sector loan creditors.