On October 23, the Council of the EU finally approved, by written procedure, the allocation of a macro-financial loan to Ukraine in the amount of EUR 35 billion, the payments and servicing of which will be made from extraordinary revenues from Russian assets frozen in the EU.
Points of attention
- The Council of the EU has approved a macro-financial loan of 35 billion euros for Ukraine to address the country's financial challenges.
- The loan will be financed from extraordinary revenues generated from Russian assets frozen in the EU.
- The European Parliament and the Council of the EU have backed the financial assistance package, which includes the significant loan for Ukraine.
- This financial aid, along with credit cooperation mechanisms, is part of a larger G7 initiative to support Ukraine's economy.
- The approval of the loan by the EU Council marks a crucial step towards providing vital financial support to Ukraine and solving urgent financial issues.
Ukraine will receive a 35 billion euro loan from the EU
Following the successful completion of the written procedure, the EU Council today approved a financial assistance package for Ukraine, including an emergency macro-financial assistance loan of up to EUR 35 billion and a credit cooperation mechanism that will help Ukraine repay these loans of up to EUR 45 billion provided by the EU and partners according to G7.
This was reported by the Hungarian Presidency of the EU on the X network.
✍✅ Following the successful conclusion of a written procedure, the Council today adopted a financial assistance package to Ukraine, including an exceptional macro-financial assistance (MFA) loan of up to €35 billion and a loan cooperation mechanism that will support Ukraine in… pic.twitter.com/r2uk1WgzwF
— Hungarian Presidency of the Council of the EU 2024 (@HU24EU) October 23, 2024
The European Parliament voted for a loan for Ukraine
On October 22, the European Parliament adopted the corresponding decision on the allocation of credit assistance by the European Union to Ukraine in the amount of 35 billion euros, as part of the general credit program of 50 billion dollars, initiated by the countries of the Group of Seven.
The credit mechanism that accompanies this decision provides that all repayments and servicing of the loan will be made with the proceeds from the assets of the Russian Central Bank frozen in the EU.
After the vote of the European Parliament, the document will be approved by the Council of the EU and will enter into force the day after its publication in the Official Journal of the EU.
Prime Minister of Ukraine Denys Shmyhal noted that this is an important contribution of the EU within the framework of the G7 package, which will help Ukraine to solve urgent financial issues.
