Ukrainian Foreign Minister discusses progress in provision of €35 billion loan with EU chief diplomat

Ukrainian Foreign Minister Andrii Sybiha has held a phone conversation with Josep Borrell, EU High Representative for Foreign Affairs, in which they discussed the progress in providing Ukraine with €35 billion through the frozen Russian assets.

Source: Sybiha on Х (Twitter), as reported by European Pravda

Details: Sybiha noted that he had had "a productive phone call" with Borrell before the upcoming Foreign Affairs Council meeting on 14 October, to which he was invited. 

Quote: "We discussed the tangible progress in providing €35 billion to Ukraine through the use of frozen Russian assets and other next joint steps."

More details: The matter concerns the EU Council's agreement to provide Ukraine with a macro-financial assistance package of up to €35 billion. This will be part of a loan from the G7, which will use profits from frozen Russian assets.

For the US to participate in the loan, it was crucial for the EU to extend the periods during which the sanctions imposed on Russia are reviewed and renewed – to provide greater assurances that they will remain in place and that profits from frozen assets will continue to flow for loan repayment.

Background: Hungary has consistently threatened to block this decision within the EU until the US presidential elections, thereby halting the entire initiative.

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