France proposes to tighten control over financial aid to Ukraine
Illustrative photo (Getty Images)
France has proposed limiting the powers of the European Commission in distributing funds for Ukraine, advocating for stronger oversight by national capitals and the European Parliament, citing Politico.
At the latest meeting of EU diplomats, France backed the idea of implementing stricter control measures over the allocation of a €35 billion loan that Brussels plans to provide to Ukraine in the coming weeks.
It is expected that this decision will help make the process of financial aid more transparent and manageable at the level of individual EU member states.
€35 billion loan
In June, G7 leaders agreed to provide Ukraine with a $50 billion loan, which is expected to be repaid through revenues from frozen Russian assets.
Earlier, the Financial Times reported that the EU is preparing to release a new funding package by the end of the year, regardless of US participation. These measures are being taken amid Brussels’ concerns that Hungary could obstruct the guarantees needed for the US to participate in the asset freeze program.
The final sum could range between €20 billion and €40 billion, with the European Commission determining the amount after consultations with member states.
Later, the Financial Times reported that the EU plans to provide Ukraine with a €35 billion loan. These funds will be sourced from future revenues generated by frozen assets held by the Central Bank of Russia.
This information was subsequently confirmed by European Commission President Ursula von der Leyen.
