Europe steps up to help Ukraine

The European Commission announced that it had paid €1 billion to Ukraine as its share of the G7 loan. This loan must be repaid from the proceeds of immobilised Russian assets.

"Today, the European Commission has disbursed an additional €1 billion tranche of its exceptional Macro-Financial Assistance (MFA) loan to Ukraine, to be repaid with proceeds from immobilised Russian State assets in the EU, reinforcing the EU's role as the largest donor since the beginning of Russia's war against Ukraine," can be read on the European Union website.

In total, this aid amounts to €18.1 billion, representing the EU's contribution aimed collectively at providing around €45 billion in financial aid to Ukraine.

With this payment, the total loans granted by the Commission to Ukraine under this assistance reach €4 billion since the beginning of the year.

Discussions are ongoing with Ukraine regarding the timing of subsequent disbursements. The Commission is prepared to advance the remaining MFA funds based on the country's needs, as requested by European leaders at the special European Council held earlier this month.

Ursula von der Leyen, President of the European Commission, said: "With today's payment of €1 billion, we are reiterating our steadfast commitment to Ukraine. We are helping the country's economy stay on course and rebuild critical infrastructure damaged by Russian aggression. We will keep supporting Ukraine as long as it takes."

(MH with AmBar - Source: Official website of the European Union - Photo: © Unsplash)