Press release – Parliament approves up to €35 billion loan to Ukraine backed by Russian assets
Brussels, 9 March 2023
The European Parliament has approved a proposal to provide Ukraine with a €35 billion loan, which will be financed through guarantees from frozen and immobilized Russian assets.
The loan will be used to cover Ukraine’s immediate financial needs and to support its economic recovery. The Ukrainian government has requested the loan to cover its budget deficit and to finance essential services, such as healthcare, education, and social protection.
The loan will be provided in the form of a medium-term loan, with a maturity of up to 10 years. The interest rate will be set at a level that is affordable for Ukraine.
The loan is part of a broader package of support that the EU is providing to Ukraine. The EU has already provided Ukraine with €18 billion in financial assistance, and the European Investment Bank has provided €6.5 billion in loans.
The EU is committed to supporting Ukraine’s sovereignty and territorial integrity. The loan will help Ukraine to meet its immediate financial needs and to rebuild its economy.
Quote from European Parliament President Roberta Metsola:
“The European Parliament stands firmly with Ukraine. This loan is a concrete expression of our support for Ukraine’s sovereignty and territorial integrity. We will continue to provide Ukraine with all the support it needs to defend itself against Russian aggression and to rebuild its economy.”
Quote from European Commission President Ursula von der Leyen:
“The European Union is determined to support Ukraine in its fight for freedom and democracy. This loan will help Ukraine to meet its urgent financial needs and to rebuild its economy. The EU will continue to stand by Ukraine until it has achieved victory.”
Background information:
The Russian assets that will be used to finance the loan are those that have been frozen and immobilized as a result of the EU’s sanctions against Russia. The EU has frozen around €300 billion in Russian assets, including central bank reserves, government assets, and private property.
The EU is exploring ways to use these frozen assets to support Ukraine. The loan is the first concrete proposal to use Russian assets to support Ukraine.
The loan will be disbursed in tranches, with the first tranche of €5 billion being disbursed in the coming weeks. The remaining tranches will be disbursed as needed, based on Ukraine’s financial needs.
Press release – Parliament approves up to €35 billion loan to Ukraine backed by Russian assets
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