Oct. 22 (UPI) — The European Parliament on Tuesday approved a $38 billion loan to Ukraine that will be repaid from the profits of frozen Russian assets, clearing the final hoop for the funds.
The 518-56 vote the European Union commitment is part of the $50 billion promised through an initiative by the G7. The European Union’s commitment will decrease if the United States chips in, which is expected.
The European Parliament said in a statement while Ukraine could use the funds to service and repay other loans, Kyiv could use the funds the way the war-ravaged country sees fit.
Parliament members said the funds will be distributed through the end of 2025, and on the condition that Ukraine continues to uphold its democratic principles.
“Ukraine continues to resist Russian aggression, with its brave citizens fighting not only for their own existence and freedom, but to defend democracy, human rights, freedom, and international law for all of us,” rapporteur Karin Karlsbro said in a statement.
“Russia must pay for attacking Ukrainians and brutally destroying the country’s infrastructure, cities, villages, and homes. The burden of rebuilding Ukraine will be shouldered by those responsible for the destruction, namely Russia.”
The loan, which has already received the approval of member states, the completion of a pledge made by the G7 back this summer to continue its effort to help Ukraine.