EC uses Russian assets to pay 1B euro to Ukraine as part of G7 loan
The European Commission (EC) paid out on March 20 an additional one billion euro tranche of its exceptional Macro-Financial Assistance (MFA) loan to Ukraine, to be repaid with proceeds from immobilised 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 EC said.
In total, the MFA amounts to 18.1 billion euro, representing the EU’s contribution to the G7-led Extraordinary Revenue Acceleration (ERA) loans initiative, which collectively aims to provide approximately 45 billion euro in financial support to Ukraine.
With this payment, the Commission’s total lending to Ukraine under this MFA reaches €4 billion since the start of the year.
Discussions with Ukraine are ongoing regarding the timeline for subsequent disbursements, the EC said.
“The Commission stands ready to frontload the remaining MFA funds in line with the country’s needs, as called for by the European leaders in the Special European Council earlier this month,” it said.
(Photo: Filippo Vicarelli)
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