EU Backs Ukraine with $38 Billion Loan from Frozen Russian Assets

Ukrainian PM Denys Shmyhal expressed gratitude to the European Parliament for approving a $38 billion loan plan. This financial aid, derived from frozen Russian assets, forms part of the G7's $50 billion loan effort to support Ukraine's economic needs amidst the ongoing conflict with Russia.

In a significant financial move, Ukrainian Prime Minister Denys Shmyhal publicly thanked the European Parliament for their recent approval of a plan to utilize frozen Russian assets to grant Ukraine a loan of up to 35 billion euros, equating to around $38 billion.

This financial package is a critical component of the G7's broader $50 billion loan initiative. It is designed to address Ukraine's immediate financial requirements as it grapples with the economic impact of Russia's ongoing military aggression.

Shmyhal's acknowledgment on the platform X underscored the significance of the EU's contribution in helping Ukraine resist the pressures of the full-scale war launched by Russia, emphasizing the dire need for such international financial support.

(With inputs from agencies.)