On Monday 14 October, the European Parliament’s Committee on International Trade approved by a large majority (31 votes in favour, 4 against, no abstentions) the legislative proposal to set up, by 2025, a new macro-financial aid package for Ukraine worth up to €35 billion.
In line with the agreement reached with the Council of the European Union (see EUROPE 13500/27), MEPs did not amend the European Commission’s proposal, which stipulates that the advantageous loans granted to Ukraine will be repaid by future profits generated by the Bank of Russia’s assets tied up in the European Union or by other types of specific contributions from Member States or third countries.
Ukraine will be able to do what it likes with the loans it receives, including continuing the war effort against Russia’s aggression. Specific provisions to combat fraud and corruption and to ensure compliance with international democratic standards will apply.
“Using profits from immobilised Russian assets sends a clear signal that the burden of rebuilding Ukraine must be shouldered by those responsible for its destruction, namely Russia”, said European Parliament spokesperson Karin Karlsbro (Renew Europe, Swedish) in a statement.
Parliament will approve the legislative proposal during the plenary session starting on Monday 21 October, so that the financial aid can be granted in early 2025.
See the legislative proposal: https://aeur.eu/f/dvv (Original version in French by Mathieu Bion)