Politics

EU set to divert frozen Russian assets to loan Ukraine €35 billion

Photo by Vitalii Nosach/Global Images Ukraine via Getty Images
Photo: von der Leyen and Zelenskyy by Vitalii Nosach/Global Images Ukraine via Getty Images
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European Union lawmakers approved the bloc’s plan on Tuesday to use frozen Russian central bank assets to loan up to €35 billion ($38 billion) to its ally Ukraine.

In the final legislative step, the European Parliament approved the loan to Kyiv by a vote of 518 in favor, 56 against, and 61 abstentions, after EU governments agreed the plan earlier in October.
The G7 plans to provide an overall loan of $50 billion to help Ukraine, serviced by profits generated by Russian assets immobilized in the West.

These assets were frozen shortly after Russia launched a full-scale invasion of Ukraine in February 2022.

More than two-thirds of the assets, some €210 billion, are stuck in the 27-nation European Union, mostly with Belgium’s asset safekeeping and servicing company Euroclear.

Britain announced on Monday it would lend Ukraine £2.26 billion ($2.9 billion).
Source: Reuters
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