EU, UK Announce Major Loans for Ukraine

The European Union and the United Kingdom have announced significant financial aid to Ukraine, using profits from frozen Russian assets. The EU has approved up to €35 billion ($38 billion) in loans, while the UK will contribute £2.26 billion ($3 billion) as part of a broader $50 billion G7 support package. These loans will be repaid using interest generated from approximately $300 billion in Russian assets that were frozen following Russia's invasion of Ukraine in 2022. The funding aims to bolster Ukraine's military, budget, and reconstruction needs, with Britain emphasizing that this financial move is essential for both supporting Ukraine and upholding democratic values. The use of asset interest, instead of direct asset seizure, is intended to avoid legal complications while effectively redirecting Russian funds to counteract its aggression. This initiative comes amidst geopolitical tensions and concerns over future US support for Ukraine following upcoming elections.