European Parliament approves €35 billion loan to Ukraine secured by income from Russian assets
The European Parliament has approved the mechanism proposed by the European Commission for providing Ukraine with a loan of 35 billion euros, to be repaid using income from frozen Russian assets.
The meeting was broadcast on the European Parliament website.
How the MEPs voted
518 MEPs voted in favour, 56 voted against, and 61 MEPs abstained.
Now the issue of providing Ukraine with this loan will have to be considered by the Council of the European Union. This is expected to happen before the end of the week.
We are sending a clear signal that we will use the proceeds from Russia's frozen assets for Ukraine, said EP President Roberta Metsola.
European Commissioner for Justice Didier Reynders, who oversees the expropriation of frozen Russian assets in the European Commission, noted that Ukraine will receive a loan only if preliminary political conditions are met. They will be set out in a separate memorandum.
The loan is part of a €45 billion loan approved by the G7.
EU Economic Commissioner Paolo Gentiloni had earlier expressed hope that the rest of the G7 would be able to provide a little more money so that the EC could reduce the European part of the loan.
