The European Parliament has approved a substantial loan of up to €35 billion for Ukraine, which will be repaid using funds from frozen Russian assets.
In Strasbourg, a significant majority of 518 MEPs supported the measure, while 56 voted against it and 61 abstained.
This funding is part of a G7 initiative aimed at providing a total of €45 billion to Ukraine, in light of concerns regarding its financial stability for the upcoming year.
In a related development, last night the UK government announced its commitment to provide £2.26 billion to Ukraine.
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Since the onset of the war, the European Union has extended approximately €118 billion in financial assistance.
Nonetheless, Ukraine’s financial requirements for next year are anticipated to exceed current estimates.
The €35 billion loan will be “undesignated,” giving Ukraine the flexibility to use the funds as it sees fit.
This loan will be serviced through revenues generated from frozen assets held by the Russian Central Bank.
