EU to offer US$50 billion in aid to Ukraine "very soon" – Bloomberg
The European Commission intends to propose a US$50 billion loan to Ukraine "very soon" in order to conclude legislative work by the end of the year.
Source: Paolo Gentiloni, European Commissioner for Economy, writes Bloomberg
Details: The G7 finance and central bank leaders will discuss the aid package, which is based on income from frozen Russian assets, in Rio de Janeiro next week.
Quote: "The beginning of this process is extremely urgent," he stated before a meeting of European Union finance ministers in Brussels. "This is the reason why, also because of the G-7 next week, the commission is working intensively to have the proposal on the table as soon as possible, meaning very soon."
The EU is seeking methods to avoid opposition to Ukraine support from Hungary, the EU's most pro-Russian country and the current rotating presidency of the bloc. Budapest has blocked billions of euros in desperately needed military help to Kyiv as the Ukrainian military attempts to repel Russian strikes.
"Continuity in supporting Ukraine is one of the most important features of this new set of loans because we want to give a clear signal that the G-7 countries and others in the world will continue to support Ukraine as long as it takes," Gentiloni added.
Background:
- Ukraine had its own set of essential requirements for the transfer of US$50 billion, including the requirement that the money be received this year and be unconditional.
- Italian Prime Minister Giorgia Meloni revealed that the leaders of the Group of Seven reached a political agreement to provide Ukraine with around US$50 billion in financial support derived from frozen Russian assets.
- Ukrainian Eurobond prices in Western markets nearly did not react to the historic decision to use US$50 billion of blocked Russian assets in favour of Ukraine.
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