European Commission Provides Ukraine with 1 Billion Euros from Russian Assets

The European Commission has announced the allocation of an additional tranche of 1 billion euros to Ukraine as part of its macro-financial assistance program. The relevant announcement was published on March 20.

This is reported by AgroReview

“The European Commission has allocated an additional tranche of 1 billion euros from its exceptional macro-financial assistance (MFA) loan to Ukraine, which is to be repaid from the proceeds of frozen Russian state assets in the EU, reinforcing the EU’s role as the largest donor since the beginning of Russia’s war against Ukraine,” the official statement reads.

The total amount of macro-financial assistance to Ukraine has reached 18.1 billion euros. This fund is part of the G7 initiative aimed at providing Ukraine with approximately 45 billion euros in financial support.

Current negotiations between European institutions and Ukraine concern the schedule for further payments. The Commission has confirmed its readiness to provide the remaining MFA funds according to Kyiv’s needs, as discussed by European leaders at a special European Council meeting in March.

“With today’s payment of 1 billion euros, we reaffirm our unwavering commitment to Ukraine. We are helping the country’s economy stay afloat and restore critical infrastructure damaged by Russian aggression. We will continue to support Ukraine for as long as necessary,” stated European Commission President Ursula von der Leyen.

It is worth noting that in January, Prime Minister Denys Shmyhal reported that Ukraine received 3 billion euros from the European Union under the “Emergency Credit Support for Ukraine” initiative. Shmyhal also noted that the ERA is part of the G7 initiative and involves the transfer of 50 billion dollars to Ukraine, of which 20 billion is provided by the European Union.