EU ambassadors have agreed to contribute €35 billion to a loan for Ukraine, funded by the proceeds from frozen Russian assets, the EU Council announced on Wednesday.
European Commission President Ursula von der Leyen had announced the loan during a visit to Kyiv in September, noting that it was backed by revenues from Russian assets parked in the EU, mainly at Euroclear in Belgium. She noted that the relentless Russian attacks necessitated continuous support from the European Union for Ukraine.
The loan is part of a broader G7 initiative. In June, leaders of the seven major industrial countries had agreed to use excess profits from blocked assets of the Russian central bank as leverage to free up credit for Ukraine. They proposed an aid package of up to $50 billion (€45 billion).
The European Parliament and Member States still need to give their final approval. This is expected to be a straightforward process, as decisions are made by a qualified majority, eliminating individual vetoes by countries such as Hungary.
The funds are anticipated to be available this year and to be disbursed from next year.
