Ukraine to receive $35 billion in EU aid sourced from Russian assets

The Ministry of Finance reports.

It is noted that the funds are part of the G7 initiative on a mechanism for additional loans to increase budget revenues in Ukraine. 

“The loan will be repaid exclusively from future earnings from Russia's frozen sovereign assets in the EU. Thus, it is expected that all MFA funds for Ukraine will be on a non-refundable basis. Domestic financial resources will not be used for repayment,” the statement said.

Ukraine was represented by Finance Minister Serhiy Marchenko and NBU Head Andriy Pyshnyi. The EU was represented by Vice President of the European Commission Valdis Dombrovskis.

The money will be provided under the new Ukraine Loan Cooperation Mechanism (ULCM), which will provide a non-repayable form of macro-financial assistance.

The program reportedly includes 14 measures to attract macro-financial assistance, including macro-financial stability, state-owned enterprises, public administration, energy, rule of law and anti-corruption, and defense.

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