AUB News

Andriy Dubas, President of the Association of Ukrainian Banks, commented live on Espreso TV on the European Union's decision to provide Ukraine with €90 billion in financial support and outlined the key challenges for the economy, the banking sector, and small and medium-sized businesses.

According to him, the European Union considered several scenarios for financing Ukraine. The most favorable option was to make full use of frozen Russian sovereign assets, which would have allowed for up to €140 billion to be raised. However, in the end, the EU settled on a compromise solution.

“In fact, we received an interest-free loan of €90 billion for a period of two years. This loan can only be repaid with reparations from the Russian Federation for the damage caused to Ukraine. In other words, this is a risk-free deal for Ukraine,” Andriy Dubas emphasized.

He emphasized that these funds are directed toward ensuring the non-military functioning of the state—the payment of pensions, social assistance, scholarships, and support for the basic functioning of the economy. All tax revenues within the country, according to him, will continue to be directed primarily toward defense needs.

The AUB president also drew attention to the scale of Ukraine's future reconstruction needs. According to various estimates, the amount of resources required could be €700-800 billion, and even the complete confiscation of frozen Russian assets would not cover the damage caused.

Andriy Dubas also touched on the topic of lending to the economy and state business support programs. He noted that the level of credit in the Ukrainian economy remains extremely low—at 15–20% of GDP, while in developed countries this figure reaches 60–70% and above.

“Access to cheap credit resources is an opportunity for businesses to invest in development, modernization, and expansion. That is why preferential lending programs, in particular the ”5-7-9%“ and mortgage programs, have an important multiplier effect on the economy,” he said.

Responding to questions from the audience about the conditions for the return of European financial assistance, the AUB president explained that Ukraine would not bear the debt burden in the absence of reparations.

“We will not pay either interest or the principal of the loan if the Russian Federation does not compensate for the damage caused. This is a mechanism that allows the EU to support Ukraine within the framework of peaceful financial instruments,” Andriy Dubas explained.

In addition, the topic of renaming the kopeck coin to the shag was raised on the air. According to the AUB president, this step will not require significant budget expenditures, since it does not matter to the National Bank of Ukraine what denomination to mint.

“This is not just about coins. It is part of a broader process of Ukraine's departure from its Soviet and Russian heritage. Such decisions are about identity and our conscious movement away from everything that has tied us to Russia for decades,” he concluded.