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FM Syhiba and EU counterpart talk about progress on €35bn loan at expense of Russian assets

This financial assistance package, agreed upon by the EU Council, forms part of a larger loan initiative by the G7 nations.
byBenjamin Looijen
12/10/2024
2 minute read
European Union Flags. Credit: Wikimedia Commons/Thijs ter Haar.
Flags of the European Union, illustrative image. Credit: Wikimedia Commons/Thijs ter Haar.
FM Syhiba and EU counterpart talk about progress on €35bn loan at expense of Russian assets

On Saturday 12 October, Ukraine’s Foreign Minister Andrii Sybiha had a telephone conversation with European Union High Representative for Foreign Affairs and Security Policy Josep Borrell.

This financial strategy not only addresses Ukraine’s immediate economic challenges but also signals a united front among Western allies in their commitment to Ukraine’s sovereignty and their stance against Russian aggression. However, the potential hurdle posed by Hungary’s opposition underscores the delicate diplomatic balance required to implement such ambitious international financial measures.

As noted by Sybiha on X, he ”had a productive phone call with the EU HR/VP Josep Borell before the upcoming Foreign Affairs Council.”

”We discussed the tangible progress in providing EUR 35 billion to Ukraine through the use of frozen Russian assets & other next joint steps,” Sybiha said.

This refers to the EU Council’s agreement to provide Ukraine with a macro-financial assistance package of up to €35 billion, which will be part of a loan from the Group of Seven that will use the proceeds of frozen Russian assets.

The financial assistance aims to provide ”immediate relief to Ukraine’s urgent financing needs that have increased due to Russia’s intensified aggression towards Ukraine,” as can be read from the publication on the EU Council website.

For the United States to participate in the loan, it was important that the EU extend the periods through which sanctions imposed on Russia are reviewed and extended to provide more assurances that they will be maintained and that the proceeds from frozen assets will continue to flow to repay the loan.

Hungary has consistently threatened to block this decision within the EU until after the US presidential election and thus block the entire initiative.

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