European Parliament Committee approves €35bn allocation to Ukraine from Russian assets
Members of the European Parliament from the Committee on Trade supported the granting of a loan to Ukraine in the amount of up to 35 billion euros. This decision is part of the EU’s obligations under the Group of Seven (G7) initiative, which provides for the use of frozen Russian assets. This is stated in press release, published on the official website of the European Parliament.
According to the results of voting in the specialized committee, 31 deputies supported this proposal, four voted “against”, none abstained.
The press release notes that this contribution is part of the G7 initiative, which provides financial support to Ukraine in the amount of up to 50 billion US dollars (approximately 45 billion euros) to meet its urgent financial needs against the background of Russian aggression.
Repayment of the loan is expected at the expense of profits from the frozen assets of the Central Bank of Russia and through the Credit Cooperation Mechanism with Ukraine, which was recently created at the initiative of the European Commission.
“Future revenues from frozen Russian assets, as well as possible contributions from EU member states and other countries, will be made available to Ukraine through the mechanism to help the country repay the exceptional loan, as well as loans from other G7 partners that the Commission considers eligible. These funds will be used only for the servicing and repayment of the relevant loans”. – said in the statement.
The European Parliament is expected to finally vote on the proposal during a session scheduled for October 21-24. We will remind that on October 9, the European Council already approved a package of financial assistance to Ukraine in the amount of up to 35 billion euros, which is part of the G7 obligations regarding the use of frozen Russian assets.
