Europarl approves 35-bln-euro loan for Ukraine under future revenues from frozen Russian assets

BRUSSELS. Oct 22 (Interfax) - The European Parliament has approved an extraordinary loan of up to 35 billion euros to Ukraine to be repaid with revenues from frozen Russian assets.

The new macro-financial assistance for Ukraine was supported by 518 European lawmakers, with 56 votes against and 61 abstentions.

The loan is the EU's part of a G7 package agreed this past June to provide up to $50 billion (approximately 45 billion euros) in financial support to Ukraine.

"The final amount that the EU will contribute could be lower, depending on the size of the loans provided by other G7 partners," the European Parliament said in a communique.

The loan is to be issued under "future revenues from the frozen Russian Central Bank assets located in the EU," it said.

The financing "will be disbursed until the end of 2025," it said.

"The loan is conditional upon Ukraine's continued commitment to uphold effective democratic mechanisms, respect human rights, and further policy conditions to be set out in a memorandum of understanding," the European Parliament said.

The Council of the EU plans to adopt the regulation by written procedure after the parliament's vote. The regulation will enter into force on the day after its publication in the Official Journal of the EU, it said.