Ukraine received another 1 billion euros from the EU at the expense of frozen Russian assets

The European Commission is providing Ukraine with another 1 billion euros as part of its share of the G7 initiative for a loan to be repaid from proceeds from frozen Russian assets, the EU institution said on March 20, UNN writes.

Details

"Today, the European Commission has allocated an additional tranche of EUR 1 billion of its exceptional macro-financial assistance (MFA) loan to Ukraine, which is to be repaid from the proceeds of immobilised Russian state assets in the EU, strengthening the EU's role as the largest donor since the start of Russia's war against Ukraine," the statement said.

In total, the macrofinance amounts to EUR 18.1 billion, representing the EU's contribution to the ERA initiative led by the "Group of Seven", which together aims to provide approximately EUR 45 billion in financial support to Ukraine.

With this payment, the total amount of loans granted by the European Commission to Ukraine under this macrofinance since the beginning of the year, as stated, will reach EUR 4 billion.

"Negotiations are ongoing with Ukraine on the schedule of subsequent payments. The European Commission is ready to transfer the remaining MFA funds in accordance with the country's needs, as called for by European leaders at the special European Council earlier this month," the statement said.

European Commission President Ursula von der Leyen commented: "With today's payment of EUR 1 billion, we reaffirm our unwavering commitment to Ukraine. We are helping the country's economy stay on track and rebuild critical infrastructure damaged by Russian aggression. We will continue to support Ukraine for as long as it takes".