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EP committee backs 35 bln euro Ukraine loan to be repaid with income from Russian assets

The document has to go before the full European Parliament, and then requires the endorsement of the European Council to take effect

© AP Photo/ Olivier Matthys

BRUSSELS, October 14. /TASS/. The European Parliament's Committee on International Trade approved a 35 billion euros EU loan to Ukraine that is to be repaid with revenues from Russian assets, according to the webcast of the vote.

"Adopted by majority, no amendments," said Bernd Lange, the committee's chairman.

The document now has to go before the full European Parliament, and then requires the endorsement of the European Council to take effect.

The 35 billion euros EU loan is meant to be part a G7 plan to issue loans worth a total of $50 billion, or 45 billion euros. European Commissioner for Economy Paolo Gentiloni expressed hope that perhaps the rest of the G7 countries could allocate a little more funds, so the European Commission could slightly reduce the European part of the 35 billion euro loan.

EU nations hold most of the Bank of Russia's sovereign assets that were frozen in 2022, which totals about 220 billion euros. The European Commission's move to expropriate proceeds from Russia's sovereign assets is based on the commission’s January 2024 decision that the proceeds from the reinvestment of frozen assets are allegedly not Russia's property. Most experts in Russia and across the world consider this presumption to be legally null and void.

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