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EU Parliament Approves Loan To Ukraine, Funded By Russian Assets
(MENAFN- Kuwait News Agency (KUNA))
BRUSSELS, Oct 22 (KUNA) -- The European Parliament approved on Tuesday a loan up to EURO 35 billion to Ukraine that will be repaid from frozen Russian assets.
The Parliament endorsed the new macro-financial assistance (MFA) to help Ukraine against Russia's brutal war of aggression, which will be disbursed until the end of 2025.
In a statement, the EU Parliament announced that the funding will support Ukraine's services and repay the EU's MFA loan and other G7 loans, conditional upon Ukraine's ongoing commitment to effective Democratic mechanisms and human rights.
The President of the European Commission Ursula von der Leyen, stated that the funding will support Ukrainians in their fight for survival, as EU governments have decided to allocate profits from Russian assets to assist military efforts and reconstruction in Ukraine.
The EU Commission announced in September a EURO 35 billion EU loan for Ukraine as part of a G7 plan to issue loans of up to USD 50 billion (approximately EURO 45 billion).
The loans will be financed from future revenues generated by frozen Russian assets with around EURO 210 billion in Russian Central Bank assets held in the EU remaining frozen under sanctions imposed following the start of the Russia-Ukraine war in February 2022. (end)
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The Parliament endorsed the new macro-financial assistance (MFA) to help Ukraine against Russia's brutal war of aggression, which will be disbursed until the end of 2025.
In a statement, the EU Parliament announced that the funding will support Ukraine's services and repay the EU's MFA loan and other G7 loans, conditional upon Ukraine's ongoing commitment to effective Democratic mechanisms and human rights.
The President of the European Commission Ursula von der Leyen, stated that the funding will support Ukrainians in their fight for survival, as EU governments have decided to allocate profits from Russian assets to assist military efforts and reconstruction in Ukraine.
The EU Commission announced in September a EURO 35 billion EU loan for Ukraine as part of a G7 plan to issue loans of up to USD 50 billion (approximately EURO 45 billion).
The loans will be financed from future revenues generated by frozen Russian assets with around EURO 210 billion in Russian Central Bank assets held in the EU remaining frozen under sanctions imposed following the start of the Russia-Ukraine war in February 2022. (end)
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