European Parliament approves €35bn loan for Ukraine
by Tommy Meskill, https://www.facebook.com/rtenews/ · RTE.ieThe European Parliament has overwhelmingly approved a loan of up to €35 billion for Ukraine, which will be repaid using revenues from frozen Russian assets.
In Strasbourg, 518 MEPs voted in favour of the measure, with 56 against and 61 abstentions.
The money is part of a G7 effort to provide €45 billion to Ukraine amid concerns over its financial situation next year.
Last night, the UK government confirmed that it would provide £2.26 billion to Ukraine.
This will be repaid using frozen Russian assets.
Since the outbreak of the war, the European Union has provided around €118bn in financial aid.
However, Ukraine's financing needs for next year are expected to outstrip current projections.
The €35bn loan will be "undesignated", allowing the country to allocate the funds as it deems appropriate.
It will be repaid using money from frozen assets belonging to the Russian Central Bank.