EU APPROVES 35 BILLION EURO LOAN TO UKRAINE – The funds will come from earnings generated by frozen Russian sovereign assets says the council
The Council of the European Union (EU) approved a new loan of up to 35 billion euros to Ukraine.
This loan is expected to be disbursed by the end of the year, with a maximum term of 45 years.
According to the Council, the funds will come from earnings generated by frozen Russian sovereign assets.
Before this approval, Kirill Logvinov, acting permanent representative of Russia to the EU, criticised the decision, stating that the EU is challenging the international financial system by undermining the euro as a reserve currency, which he claims severely deteriorates the investment environment.
The loan, announced by the EU last month, is intended to help Ukraine meet its urgent budgetary needs amid its ongoing conflict with Russia. It is part of a broader 50-billion-dollar commitment made by the Group of Seven (G7) countries in June, which will be funded using interest from frozen Russian assets.
