Endorsement of a new financial support for Ukraine : a decisive step forward to make Russia pay for its aggression

Renew Europe welcomes the broad support of the European Parliament for the exceptional macro-financial assistance loan to Ukraine (MFA) of up to €35 billion euros. This loan will contribute to the establishment of the Ukraine Loan Cooperation Mechanism (ULCM) of €45 billion euros (50 billion $). This new mechanism, drawn up at G7 level, is exceptional in that the loans from the EU and other G7 contributors will not be repaid by Ukraine but by windfall profits coming from the frozen assets of Russia.

Renew MEP Karin Karlsbro (Liberalerna, Sweden), acting as the European Parliament rapporteur on this file has ensured that the European Commission's proposal has been adopted swiftly and unamended, so that Ukraine can benefit from this exceptional assistance before the end of 2024. The intensification of the Russia's attacks increases the need to support Ukraine financially.

The G7 support for the successful implementation of this mechanism depends on the prolongation of the sanctions against Russia and extending the immobilisation of Russian assets. In this regard, Renew Europe deplores once again the obstruction of Hungarian Prime Minister Viktor Orbán, who opposed the proposal to renew the freeze on Russia's € 210 billion sovereign assets for a period of 36 months, instead of 6 months. This option, also supported by the United States, would have provided Ukraine with the stable assistance it needs to counter Russian aggression. Once again, Orbán's regime is showing who its true allies are.

Speaking ahead of this morning's vote on behalf of the Renew Europe group, Karin Karlsbro said : “Since the first day of Putin's war it has been clear, that one day Russia must pay for the destruction of the Ukrainian society. Today the European Parliament can make it happen. By using the windfall profits of the frozen Russian assets - we can send up to 45 billion euros to Ukraine. It is time to make Russia pay for its attacks on Ukrainian society and the brutal destruction of infrastructure, cities, villages, and homes. The burden of rebuilding Ukraine will be shouldered by those responsible for its destruction, namely Russia”.