Ukraine and the EU signed an agreement on the use of profits from frozen assets of Russia

Kateryna Zhiriy12:15, 05.12.24

The mechanism will allow the use of income from the frozen assets of the Russian Federation to cover the principal amount of the loan.

Minister of Finance Serhiy Marchenko signed an agreement with the EU on the establishment of the Credit Cooperation Mechanism for Ukraine (ULCM).

As reported by the Ministry of Finance , this Mechanism will create a legal framework for servicing and repayment of funds received by Ukraine, which may reach up to 45 billion euros.

“The mechanism will allow the use of revenues from the frozen sovereign assets of the Russian Federation to cover the principal amount of the loan raised from partners within the framework of the G7 ERA initiative, as well as interest and any other costs related to the loan,” the message reads.

It is noted that the funds available through the ULCM can only be used to repay the corresponding loans granted to Ukraine by creditors within the framework of the G7 initiative on additional loans to increase revenues to the budget of Ukraine.

(C)UNIAN 2024