04.12.2024, 13:47
Ukraine has signed a multibillion-dollar loan agreement with the EU
Source: OREANDA-NEWS
OREANDA-NEWS Finance Minister of Ukraine Serhiy Marchenko has signed a loan agreement with the EU on the allocation of up to 35 billion euros of macro-financial assistance to Kiev, the Ukrainian department reported on Tuesday.
"Finance Minister of Ukraine Serhiy Marchenko has signed a memorandum of understanding and a loan agreement between Ukraine and the EU to attract up to 35 billion euros in macro-financial assistance," reads a statement published on the Telegram channel of the Ministry of Finance of the country.
The ministry clarified that this money is part of the G7 initiative for the Extraordinary Revenue Acceleration Loans for Ukraine emergency lending program. "The final amount of macro-financial assistance will be determined after the approval of the amount of loans from all parties to the initiative," the Finance Ministry added.
At the end of November, the G7 countries confirmed their intention to begin allocating a $50 billion loan to Ukraine by the end of 2024, with repayment of proceeds from
frozen Russian assets.
In October, the finance ministers of the G7 countries announced that the loan to Kiev in the amount of almost $ 50 billion would be fully paid from December 2024 to December 31, 2027, and the main body of the loan and interest would be repaid with funds from the proceeds from frozen assets of Russia. The loan to Ukraine will be provided by bilateral loans from G7 member countries, each loan will enter into force no later than June 30, 2025.
The Russian Foreign Ministry has repeatedly called the freezing of Russian assets in Europe theft, noting that the EU is targeting not just private funds, but also Russian state assets. Russian Foreign Minister Sergei Lavrov said that Moscow would respond to the confiscation of frozen Russian assets by the West. According to him, the Russian Federation also has the opportunity not to return the funds that Western countries held in Russia.
After the start of the Russian special operation in Ukraine, the EU and the G7 countries froze almost half of the Russian Federation's foreign exchange reserves by about 300 billion euros. More than 200 billion euros are in the EU, mainly in the accounts of the Belgian Euroclear, one of the world's largest settlement and clearing systems.
"Finance Minister of Ukraine Serhiy Marchenko has signed a memorandum of understanding and a loan agreement between Ukraine and the EU to attract up to 35 billion euros in macro-financial assistance," reads a statement published on the Telegram channel of the Ministry of Finance of the country.
The ministry clarified that this money is part of the G7 initiative for the Extraordinary Revenue Acceleration Loans for Ukraine emergency lending program. "The final amount of macro-financial assistance will be determined after the approval of the amount of loans from all parties to the initiative," the Finance Ministry added.
At the end of November, the G7 countries confirmed their intention to begin allocating a $50 billion loan to Ukraine by the end of 2024, with repayment of proceeds from
frozen Russian assets.
In October, the finance ministers of the G7 countries announced that the loan to Kiev in the amount of almost $ 50 billion would be fully paid from December 2024 to December 31, 2027, and the main body of the loan and interest would be repaid with funds from the proceeds from frozen assets of Russia. The loan to Ukraine will be provided by bilateral loans from G7 member countries, each loan will enter into force no later than June 30, 2025.
The Russian Foreign Ministry has repeatedly called the freezing of Russian assets in Europe theft, noting that the EU is targeting not just private funds, but also Russian state assets. Russian Foreign Minister Sergei Lavrov said that Moscow would respond to the confiscation of frozen Russian assets by the West. According to him, the Russian Federation also has the opportunity not to return the funds that Western countries held in Russia.
After the start of the Russian special operation in Ukraine, the EU and the G7 countries froze almost half of the Russian Federation's foreign exchange reserves by about 300 billion euros. More than 200 billion euros are in the EU, mainly in the accounts of the Belgian Euroclear, one of the world's largest settlement and clearing systems.
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