The European Parliamentʼs Trade Committee approved a €35 billion financial loan package for Ukraine. 31 members of the committee voted pro and 4 voted contra.
This is reported by the press service of the European Parliament.
This €35 billion 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.
After that, the loan will be considered by the European Parliament at the session on October 21-24. Then the Council of the EU must approve the loan for Ukraine by written procedure. The decision will enter into force the day after its publication in the Official Journal of the EU.
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 informed that the European Union will provide Ukraine with a loan of €35 billion at the expense of the frozen assets of the Russian Federation. The day before, on September 19, she declared 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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