The Trade Committee voted by 31 in favour, 4 against and no abstentions on the Commission proposal to support Ukraine with an exceptional Macro-Financial Assistance (MFA) loan of up to €35 billion. This is the EU’s contribution under the G7’s initiative to support Ukraine with up to $50 billion (approximately €45 billion) to address Ukraine’s urgent financing needs in the face of Russia’s brutal war of aggression.

The repayment of this exceptional MFA loan and of the loans from other G7 countries will come from the extraordinary revenues made from immobilised Russian Central Bank assets, and enabled by the Ukraine Loan Cooperation Mechanism, newly established under the Commission’s proposal.

The future revenues from frozen Russian assets, as well as possible contributions from EU member states and other countries, are set to be made available to Ukraine through the mechanism in order to assist the country in repaying the exceptional MFA loan, as well as loans from…