Brussels (Brussels Morning Newspaper) – The European Commission provided another €1 billion in financial assistance to Ukraine. The funds are being allocated as part of a G7 loan, which will be repaid with 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,”
EU Commission statement said.
A total of €18.1 billion is contributed by macro-financial assistance, representing the EU’s contribution to the ERA initiative spearheaded by the G7. This initiative seeks to provide around €45 billion in financial backing to Ukraine. Overall, Ukraine has already obtained €4 billion from the European Union this year under this loan agenda.
Ukrainian Prime Minister Denys Shmyhal announced that Ukraine has received €1 billion from the EU through the ERA initiative. He noted that this is the second tranche from the EU, funded by revenues from frozen Russian assets. These resources will be allocated 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?
The EU Commission states that since the start of Russia’s aggressive war on Ukraine, the EU and its Member States have clearly denounced Russia’s actions and provided unprecedented support to Ukraine and its citizens.
The EU, as the largest donor, has provided almost €140 billion in total. This includes €71.3 billion in financial support and humanitarian aid; €49.3 billion for military assistance to Ukraine through the European Peace Facility and Member States individually; €17 billion allocated to help accommodate those fleeing the war; and €1.5 billion derived from earnings related to frozen and immobilised Russian sovereign assets (windfall profits).
