Brussels – The European Commission has provided an additional €1 billion in financial aid to Ukraine. This funding is part of a G7 loan initiative, to be repaid using proceeds from frozen Russian assets.
“Today, the European Commission has disbursed an additional €1 billion tranche of its exceptional Macro-Financial Assistance (MFA) loan to Ukraine, to be repaid with proceeds from immobilised Russian State assets in the EU, reinforcing the EU’s role as the largest donor since the beginning of Russia’s war against Ukraine,”
stated the EU Commission.
Under the macro-financial assistance program, the EU has contributed €18.1 billion to the ERA initiative, which is led by the G7 and aims to provide roughly €45 billion in financial aid to Ukraine. So far this year, Ukraine has received €4 billion from the EU through this loan framework.
Ukrainian Prime Minister Denys Shmyhal confirmed that Ukraine has obtained €1 billion from the EU through the ERA initiative. He emphasized that this is the second tranche funded by revenues from frozen Russian assets and that the funds will be used for essential state budget expenditures.
“With today’s payment of €1 billion, we are reiterating our steadfast commitment to Ukraine. We are helping the country’s economy stay on course and rebuild critical infrastructure damaged by Russian aggression. We will keep supporting Ukraine as long as it takes,”
stated European Commission President Ursula von der Leyen.
How has the EU supported Ukraine since Russia’s invasion?
Since the beginning of Russia’s war on Ukraine, the EU and its Member States have strongly condemned Russia’s actions and provided unprecedented support to Ukraine and its citizens.
The EU, as the largest donor, has contributed nearly €140 billion in total. This includes €71.3 billion in financial support and humanitarian aid, €49.3 billion in military assistance through the European Peace Facility and individual Member States, €17 billion to support those fleeing the conflict, and €1.5 billion derived from revenues linked to frozen and immobilised Russian sovereign assets.
Comments
2 responses to “EU Commission allocates an additional €1 billion to Ukraine from frozen Russian assets”
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Oh great, another billion for Ukraine from the “frozen assets” – sounds like the EU’s got a new hobby of playing Monopoly with real money! 🤑 Keep it coming, and maybe we’ll finally see that “Eternal Summer” everyone’s talking about, but instead it’s just eternal funding! 😏
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Looks like the EU’s got a new magic trick—turning frozen Russian assets into a warm €1 billion hug for Ukraine! Who knew geopolitics could be so generous? 😂💸
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