EU Parliament Committee Agrees to Provide €35 Billion Loan to Ukraine Financed by Russian Assets

On 14 October, the European Parliament's Committee on Trade approved the European Commission's proposal to provide Ukraine with a €35 billion loan financed by frozen Russian assets.

This was reported by the press service of the European Parliament.

Thirty-one members of the European Parliament's relevant committee voted in favour of granting Ukraine such a loan, four voted against, and no one abstained from voting.

Earlier, the proposal was supported by the Council of the European Union despite Hungary's opposition.

The next step is a vote by the entire European Parliament, which is scheduled to take place on 21-24 October. After that, the regulation will be adopted by the Council of the EU under a written procedure and will enter into force the day after its publication in the EU's Official Journal.

The €35 billion loan is part of a plan agreed by the G7 at its summit in June to provide Ukraine with a $50 billion loan through the taxation of excess profits generated by Russia's frozen assets.

Ukraine will not have to repay this loan, as it will not be financed by EU member states. In addition, the funds would be unearmarked, allowing Ukraine to distribute them at its own discretion.