• Military

• WMD Menu                           

• Introduction
• Systems
• Facilities
• Agencies
• Operations
• Countries
• Hot Documents
• News
• Reports
• Policy
• Budget
• Congress
• Links

• Intelligence
• Homeland Security
• Space

Comment by Foreign Minister Margus Tsahkna on the European Parliament's decision to approve a loan of €35 billion to Ukraine

Republic of Estonia - Ministry of Foreign Affairs

22.10.2024

Comment by Foreign Minister Margus Tsahkna on the European Parliament's decision to approve a loan of €35 billion to Ukraine

I welcome Europe's decision today to overwhelmingly support the extension of a loan to Ukraine worth up to €35 billion by using windfall profits from the frozen sovereign assets of Russia. It is an important step forward so that we can provide critical assistance to Ukraine because Russia has not changed its plans and is continuing its aggression that will soon mark 1000 days. A legislative process and final adoption need to be completed for the decision to enter into force. I hope there is quick progress on this because Ukraine's needs are already exceeding $500 billion and can go as high as $1 trillion. Winter is coming and help is needed for those who are bravely fighting for the restoration of Ukraine's sovereignty, and all civilians, as Russia is targeting civilian infrastructure that is critical for them.

Background
In June, G7 leaders agreed that by the end of the year, around €45 billion will be made available to Ukraine, repaid from the interest earned from Russian sovereign assets. Today, the European Parliament decided to support the decision to give Ukraine a loan of up to €35 billion from windfall profits earned from Russia's frozen sovereign assets as part of a tranche of €45 billion it has promised Ukraine. EU ambassadors reached a political agreement on 9 October.

However, due to Hungary, there is no EU agreement on extending the asset freeze from 6 months to 36, which is needed for joining the loan mechanism of our G7 partners. The loan scheme of the G7 makes it possible to provide support to Ukraine on a larger scale, up to €45 billion ($50 billion). The G7 includes the United Kingdom, Canada, France, Germany, Italy, Japan, and the United States of America, and the EU is also attending the meetings.