European Parliament Approves Ukraine's 52 Trillion Loan

On the 22nd (local time), the European Parliament gave final approval to a plan to provide Ukraine with new loans of up to 35 billion euros (approximately 52 trillion won), secured by revenues from frozen Russian assets.

The support plan was passed at the European Parliament plenary session held in Strasbourg, France, with 518 votes in favor, 56 against, and 61 abstentions. All decision-making procedures within the European Union (EU) have been completed, and the loan will be disbursed by the end of next year.

This EU plan is a follow-up measure to the agreement made in June by the Group of Seven (G7) and the EU to provide loans totaling 45 billion euros (approximately 67 trillion won), secured by revenues generated from Russian assets frozen by Western sanctions.

According to the G7 agreement, participating countries will each lend to Ukraine from their own budgets and use the revenues from frozen Russian assets as repayment. If the revenues are exhausted or become unusable, repayment must be made from the participating countries' budgets.

Since the announcement of the agreement, the EU was the first to present a detailed contribution plan and significantly increased the contribution ceiling compared to the initial announcement. Accordingly, the EU's final loan amount may be adjusted within the 35 billion euro range depending on contributions from other G7 countries.

Didier Reynders, EU Commissioner for Justice, said that other countries are expected to announce their implementation plans at the G7 Finance Ministers' meeting to be held in Washington, D.C. on the 25th.

This content was produced with the assistance of AI translation services.