The Council of the European Union has officially approved a mechanism for providing Ukraine with a loan of up to 35 billion euros, funded by taxes on excess profits from frozen Russian assets. This decision was made on Wednesday, October 23. The information was reported by the Hungarian presidency of the EU Council on X (Twitter).
The mechanism was approved through a written procedure, and the decision will take effect the day after its publication in the Official Journal of the EU.
The 35 billion euro loan is part of a plan agreed upon at the "Group of Seven" summit in June, which aims to provide Ukraine with 50 billion dollars through taxation of excess profits from frozen Russian assets.
Ukraine will not have to repay this loan, as its funding will not burden EU member states. Additionally, the funds will be provided without earmarking, giving Ukraine the freedom to allocate them as needed.
Earlier, on Tuesday, the European Parliament approved the EU's participation in the allocation of these 35 billion euros (approximately 38 billion dollars), although the amount is expected to decrease when the United States contributes its share.