This article was last updated on October 22, 2024
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European Parliament approves EUR 35 billion loan to Ukraine
The European Parliament has agreed to a loan of EUR 35 billion to Ukraine. The loan is paid from interest on Russian assets, which are largely deposited with banks in Europe. Ukraine can decide for itself how to spend the billions.
The European Parliament approved the loan this morning with 518 votes. 56 members voted against, and 61 abstained.
European Parliament President Roberta Metsola spoke after the vote of a “historic moment” and said the European Parliament was “making it clear that Russia must pay for the destruction in Ukraine.”
European leaders already agreed last week to a proposal from the European Commission on financial aid for Ukraine. Earlier, the leaders of the G7 were agree about lending 46 billion euros to Ukraine. The G7 is the consultative body of seven major, influential industrialized countries (United States, Canada, France, Germany, Italy, Japan and the United Kingdom).
Broad support
Initially, Europe wanted to donate the interest directly to Ukraine, but then it was decided that European countries would take out billions in loans for Ukraine, with the returns on Russian assets as collateral.
The loan to Ukraine enjoys broad support in the European Parliament. The Social Democrats, the centre-right EPP, the Greens and the right-wing conservative ECR are in favor of quickly making the billions available to Ukraine.
The Patriots for Europe faction, of which the PVV is also a part, and the Europe of Sovereign Nations faction were against the loan. Austrian FPÖ member Petra Steger from the latter group called the loan “a step in further escalation. This is how you drive Europe into war,” she says.
Several members of Patriots for Europe, including the PVV MEPs present, did agree to the loan.
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