EU Approves €4.2 Billion Aid for Ukraine

The European Union has approved a €4.2 billion financial aid package for Ukraine to support its economy amid its ongoing conflict with Russia. This funding comes as part of the EU's Ukraine facility, with the G7 countries allocating a $50 billion loan backed by profits from Russian assets.

The European Union has given the green light to a €4.2 billion aid package for Ukraine, designed to bolster the nation's economy as it remains in conflict with Russia, according to an announcement by the EU Council on Monday.

This significant allocation is part of the EU's broader Ukraine facility, aimed at providing economic stability and support for the war-torn country.

In parallel, the G7 group has outlined an extensive $50 billion loan for Ukraine, with repayments planned from the revenues of Russian assets that have been immobilized in Western nations.

(With inputs from agencies.)