The European Union transferred the first €3 billion of the loan to Ukraine financed by the proceeds from the frozen Russian assets, the European Commission announced on Friday.
This initial disbursement highlights the EU's commitment to helping Ukraine confront Russia's full-scale war of aggression, maintain macroeconomic and fiscal stability, rebuild vital infrastructure, including its energy systems, and invest in defence infrastructure, the press release read.
"We transferred €3 billion to Ukraine today. This is the first payment of the European part of the loan agreed by the G7 members," spokesperson Maciej Berestecki said during the Commission's daily press briefing.
"With this support, Ukraine will be able to meet its budgetary needs for 2025," Berestecki said. The money will specifically help Kyiv "preserve its macroeconomic stability, rebuild critical infrastructure destroyed by Russia and prioritise key spending, including defence."
'Friends and partners'
Last year, the G7 agreed to provide Ukraine with a €45 billion loan, financed by profits on some €210 billion in frozen Russian assets parked in the EU, mainly with the Belgian securities house Euroclear. The European Union has committed to transferring over €18 billion.
Further payments will be made between March and November, at a rate of €1 billion per month, the press release said. The final €6.1 billion will be transferred in December.
"We are giving Ukraine the financial strength to continue fighting for its freedom and to persevere. And more will follow. Just like the courageous Ukrainian resistance, our support will remain steadfast," European Commission President Ursula von der Leyen said in the press release. "Almost three years after the start of the Russian war of aggression, Ukraine can continue to count on its friends and partners."
Europe has so far provided almost €134 billion in aid to Ukraine.
