The European Parliament has approved a loan of up to 35 billion euros ($38 billion) for Ukraine’s defense and reconstruction that will be repaid using future revenues from Russian central bank assets frozen abroad.
The loan accounts for the EU’s share of a larger plan devised by the Group of Seven (G7) leading industrialized countries to lend Ukraine $50 billion.
It comes as Kyiv’s forces face a fierce Russian offensive in the east and frequent deadly strikes on cities and energy infrastructure, which claimed seven lives, including three children, on October 22.
Russia has protested the use of its frozen assets, estimated at some $300 billion, calling it illegal and threatening retaliation.
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The loan accounts for the EU’s share of a larger plan devised by the Group of Seven (G7) leading industrialized countries to lend Ukraine $50 billion.
It comes as Kyiv’s forces face a fierce Russian offensive in the east and frequent deadly strikes on cities and energy infrastructure, which claimed seven lives, including three children, on October 22.
Russia has protested the use of its frozen assets, estimated at some $300 billion, calling it illegal and threatening retaliation.
Complete Article
EU approves $38 billion loan for Ukraine, funded by frozen Russian assets
This article was originally published by Radio Free Europe/Radio Liberty and is reprinted with permission. The European Parliament has approved a loan of
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