European Parliament takes step toward granting €35 billion loan to Ukraine
Photo: The European Parliament supported a 35 billion euro loan to Ukraine (Getty Images)
The European Parliament's Committee on Trade has endorsed an initiative to provide Ukraine with a €35 billion loan. It will be repaid at the expense of profits from frozen Russian assets, according to the press service of the European Parliament.
During the consideration of the European Commission's proposal for a loan to Ukraine, 31 members of the committee voted in favor and four others voted against.
The European Parliament reminded that this loan will contribute to the G7 initiative to provide Ukraine with $50 billion using profits from frozen Russian assets.
The loan will then be submitted to the European Parliament for consideration. This will take place at the EP session on October 21-24. The EU Council will then have to approve the loan to Ukraine through a written procedure. The decision will come into force the day after its publication in the Official Journal of the EU.
The loan for Ukraine
At the end of September, European Commission President Ursula von der Leyen announced during her visit to Kyiv that the EU would provide Ukraine with a €35 billion loan. At the same time, Ukraine will not have to pay the loan - it will be paid at the expense of profits from frozen Russian assets.
Ukrainian President Volodymyr Zelenskyy said that the money provided by the EU would be used for the energy sector and defense needs.
On October 9, it became known that the EU Council had approved the European Commission's initiative to provide a loan to Ukraine.
