On March 20, the European Commission announced that it had transferred €1 billion to Ukraine as part of the G7 credit, which will be repaid and serviced using proceeds from frozen Russian assets.
This information was released today on the European Commission’s website.
"Today, the European Commission has disbursed an additional €1 billion tranche of its exceptional Macro-Financial Assistance (MFA) loan to Ukraine, to be repaid with proceeds from immobilised Russian State assets in the EU, reinforcing the EU's role as the largest donor since the beginning of Russia's war against Ukraine," the statement reads.
The European Commission reminded that the total amount of EU macro-financial assistance (MFA) for Ukraine stands at €18.1 billion, contributing to the G7-led Emergency Relief Acceleration (ERA) initiative, which aims to collectively provide Ukraine with financial support totaling €45 billion.
Following today's payment, the total amount transferred to Ukraine by the EU under this credit program amounts to €4 billion since the beginning of the year. The European side is currently discussing with Ukraine the schedule for further payments under the MFA. At the same time, the European Commission is ready to make further transfers, based on Ukraine's needs, in line with the political decision agreed upon by EU leaders at the Special European Council in early March.
"With today's payment of €1 billion, we are reiterating our steadfast commitment to Ukraine. We are helping the country's economy stay on course and rebuild critical infrastructure damaged by Russian aggression. We will keep supporting Ukraine as long as it takes," said European Commission President Ursula von der Leyen.
