European Parliament Votes to Loan Ukraine 35 Billion Euros from Frozen Russian Assets

The European Parliament today voted in favor of granting Ukraine loans worth 35 billion Euros from unexpected profits generated by frozen Russian assets. A total of 518 members of the European Parliament supported the financial assistance for Ukraine, while 56 voted against it, and 61 abstained. The announcement of this aid package for Kyiv was made by European Commission President Ursula von der Leyen in September. According to data from the Commission, approximately 210 billion Euros of Russian government assets are currently frozen within the European Union. The Commission said that these frozen assets, which are renewed every six months, generate interest between 2.5 billion Euros and 3 billion Euros annually. The 35 billion Euros represents the EU's share of a 50 billion Euros loan to Ukraine that was announced by the Group of Seven (G7) industrialized nations in June. Source: Qatar News Agency