Eurean Parliament approves EUR 35B loan to Ukraine backed by frozen Russian assets

This loan is the EU’s part of a G7 package agreed last June, to provide up to USD 50 billion (approximately EUR 45 billion) in financial support to Ukraine.

With 518 votes in favor, 56 against and 61 abstentions, the Eurean Parliament approved such a decision in the first reading, an Ukrinform correspondent reports.

Flowing the vote, President of the Eurean Parliament Roberta Metsa emphasized that this decision sends a very strong signal to Russia that, being the aggressor state, it will have to pay for all the destruction.

According to Eurean Commissioner for Justice Didier Reynders, with this mechanism, the EU not only confirms unwavering support for Ukraine for as long as necessary, but also takes an important step to ensure Russia’s responsibility, including financial. It is very important that Russia pays for its aggression and for the damage caused by it on its own, Reynders stressed, adding that it is necessary to further support Ukraine in the coming months, and perhaps even years, in close coeration and coordination with all G7 countries and other international partners.

A reminder that, in view of a speedy adtion and ensuring that the macro-financial assistance reaches Ukraine as soon as possible, EU Member States agreed that if the Eurean Parliament adts the Commission’s prosal without changes, the Council will also proceed to adt the text without modifications. The Council plans to adt the regulation by written procedure after the Eurean Parliament’s vote. The regulation will enter into force on the day after its publication in the Official Journal of the EU.

On October 9, 2024, the Council of the Eurean Union reached an agreement on a financial assistance package to Ukraine, including an exceptional macro-financial assistance (MFA) loan of up to EUR 35 billion and a loan coeration mechanism that will support Ukraine in repaying loans for up to EUR 45 billion provided by the EU and G7 partners. The new MFA funds will be disbursed until the end of 2025.