EU and Ukraine agree on €18.1 billion assistance secured by frozen Russian assets – photos
The European Union and Ukraine have signed a memorandum of understanding to provide €18.1 billion in macro-financial assistance secured by frozen Russian assets.
Source: Ukraine’s Prime Minister Denys Shmyhal and Vice President of the European Commission Valdis Dombrovskis, as reported by European Pravda
Details: According to Shmyhal, the €18.1 billion in question is part of the Group of Seven's US$50 billion package, which is secured by the proceeds of frozen Russian assets.
"Such a step is not only support [for Ukraine] but also a precedent for holding Russia accountable for its crimes and starting the process of making the aggressor pay for its brutal war," he added.
Honoured to sign MoU with Ukraine on behalf of EU for €18.1 b in macro-financial assistance to help 🇺🇦 cover immediate needs.
— Valdis Dombrovskis (@VDombrovskis) November 28, 2024
It is part of G7 initiative to support Ukraine using revenues from immobilised Russian assets–making sure that aggressor pays for damage it has caused. pic.twitter.com/j1EJDMsCcE
Background:
- The G7 finalised the parameters of the US$50 billion loan to Ukraine, which was approved at the summit in Italy in June, and agreed on the distribution of the financial burden in late October.
- The United States has confirmed that it will provide US$20 billion of the loan, the maximum expected amount, which was in doubt until recently because the EU failed to implement a safeguard against unexpected sanctions lifting, as Washington wanted, due to Hungary's opposition.
- The UK's contribution will amount to £2.26 billion, or US$2.94 billion.
- The funds will be provided formally as a loan but will be repaid through a tax on profits received from frozen Russian assets.
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