EU approves €35 billion loan for Ukraine

The sums of money flowing to Ukraine from Europe and the U.S. are enormous

The Council of the European Union has approved a financial support package, which includes an extraordinary macro-level loan of up to €35 billion, as well as a credit cooperation mechanism that will help Ukraine repay €45 billion of loans, the EU council announced.

As part of the new macro-level financial assistance (MFA) approved by the member states, interest income from the funds of the Russian central bank frozen in EU banks will be made available to Ukraine.

The funds will help Ukraine cover the costs of the EU loan and loans provided by G7 partners and to also repay these loans; however, Kyiv can use the amount from the MFA at its discretion.

As Remix News reported just a year ago, the EU approved €66 billion to Ukraine. Between contributions from individual member states and the EU itself, the Kiel Institute Ukraine Support Tracker indicates that Europe has allocated €118 billion in aid, with €74 billion yet to be allocated but slated to go to Ukraine. That does not include huge sums sent to Ukraine from the United States and other countries.

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