The Council of the EU finally approved the granting of a loan to Ukraine of up to €35 billion

On October 23, the Council of the EU finally approved the allocation of a loan to Ukraine in the amount of up to €35 billion, which will be repaid with the proceeds from the frozen assets of Russia.

This was announced by the Hungarian Presidency of the Council of the EU.

The EU Council has successfully completed the written procedure for the adoption of a package of financial assistance to Ukraine, including a macro-financial assistance (MFD) loan of up to €35 billion.

The decision will finally enter into force the day after its publication in the Official Journal of the EU.

This money is the blocʼs contribution to the G7 initiative to provide Ukraine with a $50 billion (€45 billion) loan, which will be repaid with profits from Russiaʼs frozen assets.

Frozen Russian assets

The value of frozen Russian sovereign assets in the EU is almost €211 billion. In total, the European Union, the G7 countries and Australia have frozen approximately €260 billion in securities and cash. In June 2024, the "Big Seven" countries agreed to provide Ukraine with a $50 billion loan by the end of the year, which will be repaid with profits from Russian assets.

Ukraine has already received several tranches of aid from the EU proceeds from frozen Russian assets. And on September 20, the head of the European Commission, Ursula von der Leyen, announced that the European Union will provide Ukraine with a €35 billion loan at the expense of the frozen assets of the Russian Federation. The day before, on September 19, she announced that the European Union would allocate €160 million to support Ukraineʼs energy security ahead of winter. Part of the amount will be provided from frozen Russian assets.

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