The Council of the European Union has approved a financial loan package to Ukraine worth up to €35 billion, which is part of the bloc’s commitment to implement the G7 decision on frozen Russian assets, Babel reports.
This is stated on the website of the EU Council.
The Council has reached an agreement on a financial assistance package for Ukraine, including an exceptional macro-financial assistance loan of up to €35 billion and a credit cooperation mechanism that will support Ukraine in repaying loans of up to €45 billion from the EU and G7 partners, – the statement said.
The assistance will be aimed at immediately meeting Ukraine’s urgent financing needs, which have increased due to Russia’s increased aggression against Ukraine.
This is the European share of a $50 billion (€45 billion) loan from the G7, which will be repaid from future profits from the investment of frozen Russian sovereign assets.
The EU plans that the funds will become available to Ukraine in 2024, and the loan will be repaid over a maximum period of 45 years.
The EU Council will have to approve the decision in writing after the European Parliament adopts the text in the first reading. The decision will then enter into force the day after publication in the EU’s Official Journal.
