The European Union confirmed on Thursday its commitment to provide financial support of 18.1 billion euros to Ukraine as part of a G7 loan which will be repaid with interest from frozen Russian assets.
The Vice-President of the European Commission, Valdis Dombrovskis, announced that he had signed a memorandum of understanding with Ukraine for macro-financial assistance which will be used to “cover its immediate needs”.
“This is part of the G7 initiative to support Ukraine using income from frozen Russian assets” under Western sanctions, “thus ensuring that the aggressor pays for the damage it has caused,” he said on the social network
Ukrainian Prime Minister Denys Shmyhal welcomed a “courageous step” by the EU. “This isn’t just aid – it’s a precedent for holding Russia accountable for its crimes,” he wrote on X.
These 18.1 billion euros are in addition to some 120 billion in aid provided to kyiv by the EU and member states since the invasion by Russia.
This new support comes as uncertainties hover over the future of American support after Donald Trump’s return to the White House.
Since the Russian military launched its invasion of Ukraine in 2022, the EU has frozen around $235 billion in central bank funds, the vast majority of Russian assets tied up around the world.
Nearly 90% of the total is held by the international fund deposit organization Euroclear, based in Belgium.
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