Ukraine receives first €3 billion loan to be repaid from frozen assets of the Russian Federation
Ukraine has received the first tranche of a €3 billion loan from the G7 countries, which will be covered by frozen Russian assets.
This was stated by the head of the European Commission Ursula von der Leyen.
She emphasized that almost three years after the start of the full-scale war, Ukraine can “keep counting on its friends and partners”.
Frozen assets of the Russian Federation
A $50 billion loan was agreed upon for Ukraine, to be repaid from the proceeds of frozen Russian assets. However, only the G7 countries agreed to contribute to this loan.
In the end, it was agreed that the United States would provide up to $20 billion, the EU up to $35 billion, and the United Kingdom would provide almost $3 billion.
In December, Ukraine and the EU signed a memorandum of understanding on a loan agreement to raise up to 35 billion euros of macro-financial assistance, and Washington announced a $20 billion loan.
Bloomberg wrote that the funds would be used to support Ukraine's defense, economy, and recovery, but the details are still subject to change.
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