EU transfers €3 bln to Ukraine as tranche of loan against Russian assets

The European Union (EU) has transferred €3bn to Ukraine in the form of a tranche of a loan from the Group of Seven (G7) against the proceeds from the reinvestment of frozen Russian assets. This was announced by the head of the European Commission (EC) Ursula von der Leyen on January 10.

"Today we have granted Ukraine €3 billion in the form of the first tranche of the European part of the G7 loan," she wrote in the social network X (former Twitter).

Prime Minister of Ukraine Denis Shmygal, in turn, confirmed in Telegram the transfer of funds from the EU . According to him, in total, the initiative provides for the allocation of $50 billion to Ukraine, $20 of which should be provided by the European Union. Shmygal added that the funds will be directed "for priority budget expenditures" of the country.

"This is the first tranche of funds from the European Union, secured by the proceeds from frozen Russian assets," the Ukrainian prime minister said in the publication.

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On December 25, Andrey Klimov, deputy chairman of the Federation Council (SF) Committee on International Affairs, called for the launch of inspections and civil and criminal proceedings after the transfer of $1 billion from Russian assets to Ukraine. The senator is convinced that despite the transfer to Ukraine of only the interest that has accumulated since the seizure of Russian assets in 2022, from the point of view of international law this can be considered theft.

In October, the EU approved a €35bn loan to Ukraine with repayment from Russia's frozen assets. It was specified that it is the EU's contribution to the G7 loan of up to €45bn. The loan will have a maximum repayment period of 45 years.

Russian Foreign Ministry spokesperson Maria Zakharova called the loan to Ukraine at the expense of Russia's frozen assets a new fraudulent scheme of Brussels to embezzle other people's property. She emphasized that Moscow 's decisive response to what is happening will not be long in coming.

Western countries have stepped up military and financial support for Kiev against the backdrop of Russia's special operation to protect Donbass, which was announced by Russian President Vladimir Putin on February 24, 2022, after the situation in the region worsened due to shelling by the Ukrainian military. The EU soon approved the decision to freeze the assets of the Russian Central Bank.