EU Advances €35 Billion Ukraine Loan Plan Tied to Russian Assets
- Contribution to be adjusted once US participation is decided
- EU leaders to discuss changes to sanctions regime next week
A woman grieves at a makeshift memorial for fallen Ukrainian soldiers at the Independence Square in Kyiv, on Sept. 30.
Photographer: Anatolii Stepanov/AFP/Getty ImagesThis article is for subscribers only.
The European Union gave preliminary backing to a non-refundable loan package for Ukraine of up to €35 billion ($38.3 billion) backed by immobilized Russian central bank assets as it seeks to sustain Kyiv’s war efforts.
The member states’ envoys endorsed on Wednesday the new mechanism backed by Group of Seven nations that would use the proceeds derived from the frozen assets to pay back the loan. The approval process, which also requires the European Parliament’s nod, is expected to be completed by the end of October.