EU Approves 35 Billion Euro Loan to Kyiv Backed by Frozen Russian Assets
Published on October 10, 2024
The European Union agreed on Wednesday to give Ukraine up to 35 billion euros ($38 billion) as part of the bloc’s share in a larger planned loan from the G7 nations backed by frozen Russian central bank assets. In June, the G7 and EU announced they would provide a $50 billion loan to help Ukraine, serviced by profits from Russian assets seized in the West. These were frozen shortly after Moscow’s invasion of Ukraine began in February 2022. More than two-thirds of the assets, some $223 billion, are held in the 27-nation EU, and most are held by Belgium’s depository Euroclear. With Wednesday’s agreement, the EU can rely on headroom in its budget as a guarantee in case the restrictions on the assets are lifted....