MEPs to vote on loan of up to €35 billion to Ukraine backed by Russian assets
On Tuesday, Parliament is set to approve the EU’s €35 billion contribution to the G7 plan to provide Ukraine with financial assistance of up to €45 billion.
Parliament will debate and vote on Tuesday on the new Macro-Financial Assistance (MFA) loan, which seeks to support Ukraine with up to €35 billion in the face of Russia’s brutal war of aggression. The MFA loan is the EU’s contribution to the G7 initiative, agreed last June, to provide Ukraine with up to $50 billion (approximately €45 billion). The extraordinary revenues generated from immobilised Russian Central Bank assets, facilitated by the newly established Ukraine Loan Cooperation Mechanism, will ensure this exceptional MFA loan is repaid, as well as loans from other G7 countries.
Last week, MEPs on the Trade Committee overwhelmingly endorsed the package, and it also received the backing of the Council, which comprises EU governments. The goal is to disburse the funds by the end of 2025.
Procedure: Ordinary legislative procedure, first reading
Procedure file: 2024/0234(COD)
Debate: Tuesday, 22 October
Vote: Tuesday, 22 October