MEPs approve 35 billion euros for Ukraine

European Parliament MEPs on trade approved a financial aid package to support Ukraine, including an exceptional Macro-Financial Assistance (MFA) loan of up to €35 billion.

UNN reports this with reference to the press service of the Committee on Trade.

On Monday, MEPs in the European Parliament's Trade Committee voted to support a loan of up to €35 billion to Ukraine as the EU's contribution to the G7 support initiative

The Trade Committee voted 31 in favor, 4 against and no abstentions in favor of the Commission's proposal to support Ukraine with an exceptional Macro-Financial Assistance (MFA) loan of up to EUR 35 billion.

This is the EU's contribution as part of a G7 initiative to support Ukraine with up to $50 billion (approximately 45 billion euros) to meet Ukraine's urgent financing needs in the face of Russia's brutal war of aggression.

AddendumAddendum

Euronews reportedthat the European Union countries have given the green light to an unprecedented plan to provide a 35 billion euro loan to support the war-torn economy of Ukraine using immobilized assetsof the Central Bank of Russia as collateral. 

Add

According to the G7 plan, windfall profits generated by the assets will be used to gradually repay the amount of money each ally will lend to Ukraine. If these profits are no longer available, the West will have to pay the bills.

Initially, it was assumed that the EU and the US would contribute to the loan in equal installments of 18 billion euros (20 billion US dollars) each, but the lack of specifics from Washington forced Brussels to sharply increase its share to 35 billion euros.

The bloc's contribution could be reduced if the United States, Canada, the United Kingdom, and Japan end up making larger pledges. Australia, which is not part of the G7, could also contribute.