EU countries to vote on written procedure on multi-billion dollar loan for Ukraine

BRUSSELS. Oct 9 (Interfax) - Members of the Committee of the Permanent Representatives of the Governments of the Member States to the European Union (Coreper) agreed on Wednesday on the procedure for endorsing legal acts regarding an up to 35-billion-euro loan to Ukraine from extraordinary revenues stemming from Russia's immobilized assets.

"At today's Coreper, ambassadors agreed to use written procedure for the adoption of the [...] legal acts on the use of extraordinary revenues stemming from Russia's immobilized assets to serve and repay loans," the Hungarian Presidency of the Council of the EU said on its X social media account.

"The written procedure will start once the European Parliament adopted its position on the draft regulation," it said.

On September 20, European Commission President Ursula von der Leyen confirmed during her visit to Kiev that the EU will provide a 35-billion-euro loan to Ukraine.

On the same day, the European Commission published a document explaining that "the Ukraine Loan Cooperation Mechanism will be funded by the extraordinary revenues accumulated from the immobilization of the sanctioned Russian Central Bank assets, as well as contributions from member states and third countries."

"The funds will be provided through a highly concessional loan, to be made available possibly still in 2024 with disbursement in regular tranches going up to the end of 2025, to be repaid over a maximum period of 40 years," the document said.